As competition in this space cools down, the remaining players who stick it out and new players who enter the asset class will have the greatest chance of being the next class of top performers.

I assume you have a similar seasonal cycle as we have here in Wisconsin.Ah yeah, and one more thing: never fight an appraiser..

So if you can find a parcel that doesn't seem to have multiple fatal flaws, or at least you think you can add value to fixing/figuring out their constraints, then I would do that and then just flip on the MLS, especially if you are able to let it "season" a bit, which the title companies in California require anyway...they won't insure a flip of a tax parcel until some time has passed.

Is there a dominant player out there that does things generally better than others?

Several seasoned investors i can connect you with.

If you own at Shores of Panama in Panama City Beach, I'd like to ask a few questions about HOA management and revenue in a typical season. 

Yes, the SW is dry and we will see who hurricane season brings for the SE.

It is seasonal and there isn't a ton.

Is there any conventional residential loan options anyone is aware of that would allow cash out refi with less than 12 mths seasoning?

Rotunda is also really close to the water where the last hurricane hit, so the market there in general might be a bit odd right now coming into another hurricane season.