@Jon Christensen So I have lived in a tourist community along the way to OOB for 24 years now, owning 2 B&Bs for 23 years during that time.

Just make sure that the property is in line with what the tourists in the market have come to expect, that you have amazing professional photos, and a nice, informative listing. 

I plan for a home to rent out since it’s in a tourist area.

So while people think of tourist towns as great str markets in actuality, they have higher prices and way more supply of str available so the margins are good but not great.Since a lot of people don’t think of metro detroit as a booming str market the supply available is low but there’s always demand for hotels/houses with 1-10 night stays available so metro detroit actually has really good margins.Prices $180-$350kRents $150-$300+ per nightOccupancy: about 60-75%Put those numbers into a calculator and the roi nears and sometimes breaks 20% cocroi.There is just a little more skill involved in navigating them.I actually have a 1 bedroom unit in a 4-plex that I own that I plan on listing as a str to give it a try.

Shoot me a PM if you have any questions, happy to help fellow BP members entering the market.Also make sure you note that AirBnB/VRBO collect/remit Florida taxes in the area, but DO NOT collect Osceola tourist taxes (about 6%). 

How does it work to be investing in a very popular tourist area?

Hi @Douglas UnderwoodI've helped several BiggerPockets investors buy properties for STR, MTR and LTR in Metro Phoenix.While Scottsdale is best known as a tourist destination, there are numerous STRs in place, so you'll want to consider that.

Eventually I plan to place this home on the short term rental market, it is located in south florida right off turnpike, near the airport and beach, main roads and downtown tourist attractions. the area is going through a ton of gentrification so I plan to hold on to this one for at least 5-10 years.

Don't believe everything you read on the internet :)Good luck,JohnsonUnits That Are Exempt From the Rent Adjustment LawSection 8 units and other units that have rents that are controlled, regulated, or subsidized by a governmental unit, agency, or authority.Accommodations in motels, hotels, inns, tourist houses, rooming houses, and boarding houses, provided that such accommodations are not occupied by the same tenant for thirty (30) or more consecutive days.Housing accommodations in any hospital, convent, monastery, extended care facility, convalescent home, nonprofit home for the aged, or dormitory owned and operated by an educational institution.Dwelling units in a nonprofit cooperative, owned, occupied, and controlled by a majority of the residents.Dwelling units which were newly constructed and received a certificate of occupancy on or after January 1, 1983.Buildings that were substantially rehabilitated after January 1, 1983.

Asheville also sports the Famous and Luxurious Biltmore Estate, which is a tourist attraction in it's own right.