More volatility in the market value of condos. 

When you buy a stock, you're buying a paper asset (a form of people's money) and the company executives honestly don't seem to care if you lose your hard earned money by investing in the stock of the company they work for.I'll admit that real estate is less liquid than the stock market, but by investing in real estate you don't have to worry about the market's volatility.

STR is volatile and doesn't allow for true scale unless you're using it as a learning experience to move up to hotel operation/investment perhaps.

The bond markets are scary, so is the stock volatility, and while not all RE locales have recovered to pre-crash levels, for all intents and purposes, I believe we are at the top of the market for most major areas.

@Don NguyenThis chart from NPR is another I really like.It's clearly targeted at owner occupants, but it simultaneously gives you information on the potential income in residents and volatility over the last 20 years.

I'll add that typically the stock market is much more volatile than rental properties. 

It is not void of volatility but the volatility is a little more predictable and the peaks and valley discrepancy is a smaller percent number.There seems to be some logic that points to you under evaluating some of the assets you are looking at.

Timeshares have volatility of income.  

A small float means high volatility risk and fast downside moves. 

Would they be just as volatile?