In the Reno, NV market the midterm doesn't bring in much more income than an LTR unless you're in a more tourist area but then you're paying more for the initial costs. 

Now known as a popular city for young professionals and tourists, Austin has many new residents who formerly dwelled in California — an often comical reality in the city as cultures have melded over the years.

CA taxes residents on worldwide income but may provide a credit for taxes paid to other states.

My vacation rental performed really well during tourist season, then poorly for the other 6-7 months.

Their total assets under management for is expected to top $5.4 Trillion in the next six years totaling more assets than hedge funds.In total, the worldwide wealth of families with private offices is expected to exceed $9.5 trillion in the same time period. 

Taking a chance on the next hot tourist area is a complete crap shoot.

This is why I believe it to be safer to buy in areas that have high tourist and resident demand.

A lot of people seized the opportunity with students because of the medical school but that area is now saturated with over priced student dwellings.There is still a market for STR geared towards tourists but the competition has increased on the tiny island. 

It may not be the Smokys, but these get repeated guests every year, and most people only go to the "destination" tourist cities once in their lives.

I am all for it though in tourist recreation areas for sure ..