Not alot of confidence in any existing rentals as consistent indciators but I feel like so many homes are 1/2 rentals and don't tell the whole story.Anyone have any insight into the Cashiers/Highlands/Sapphire/Lake Toxaway markets to share? 

When you start, the company may give you a small existing portfolio, but then you'll have to maintain & grow it to make a decent living.You could also work as a leasing agent at an apartment complex.

Zoning Ordinance ExceptionsSome properties in the target zone don’t meet the minimum lot area or width size requirements under the zoning ordinance, yet houses exist on smaller-sized neighbor lots.How could these properties get approval for development?

Additionally, any existing restrictions at the town level (there are MANY) will be abolished, unless deemed "reasonable" by the state.

I'll subto his existing mortgage and pay off the 120k.

With this route you can purchase a turn key property and expect to lease the property immediately or purchase an existing rental from an investor that doesn't require rehab and has strong numbers. 

For southern states, you might want to look at smaller markets in Alabama, Mississippi, or parts of Tennessee and Arkansas where properties are still affordable and cash flow potential exists.

@Jae Jun: Although the conversation has changed much, and toned down regarding proposed restrictions, the plan from jump has been to allow anyone with an existing STR, so far defined as a place that's been rented STR at least 2 consecutive days in the last 6 months, to get a permit and be grandfathered.

I ask because we only buy houses around the southern US (TX,OK,AR,TN) but we're curious to know if more opportunities to buy foreclosures could potentially exist in other markets. 

Insurance right now is wild, so I'd get a solid broker on your team - I'd be happy to share my contact if that would help.Also, aren't most of the existing insurances shared on the OMs for the properties?