Are you planning to use this as a vacation home from time to time?

Like @Stuart Udis said, most of the time its more cost and time effective to do cash for keys and throw a few grand to hopefully vacate so you can change the locks.

Why are vacation rentals prices so much more volatile than residential properties? 

That's what I refer to as more "functional" theming.Honestly I'm not looking to buy this as just an investment, I want it as my own vacation place for my family, but I'd like the net costs to be as low as possible and I'd like for it to be a long term investment if possible. and if it could make money, that would be a super bonus.

. #1 - you have to explain what it is like  : "Hey i see this is your vacation property or rental property, how would you like to reduce your capital gains tax? 

If you own a vacation rental in the Smokies, it might feel like demand is soft.

This is my brother in law's time share which he lost money and often forget to take vacation. 

I don't think that the tenant will do anything with the yard before vacating the property.

I just started thinking about selling it because of the new local rental/landlord law in Concord, and there is no more depreciation.Plus, I am thinking of maybe it will be nice to have a vacation/rental home in HI too and not worry much of maintenance if the building has maintenance and manager in house.

@Nathan Gesner 1) if you’re investing with a spouse make sure both are on board for self management or it will harm the relationship. 2) it’s a business, not a charity, so if you’re susceptible to hard luck stories from applicants/tenants, don’t self manage. 3) water heaters, heat and a/c, plumbing only seems to break down when you’re finally on vacation, so have good contractors in place who will go on your call and let you pay them from out of town.