That said, you have to be comfortable with your risk tolerance - are you going to keep yourself up at night? 

I do not have many resources, but I am comfortable taking some risk and relying on my intelligence and research.

It will include a compact bathroom, a tiny kitchen area, and a heater—just the essentials to make it comfortable for someone to stay in.

Jaron Walling said something that caught my attention, "search for and buy a bad roof, leverage it during the negotiation"....especially of the property has been sitting on the market longer than normal for the current market, a "bad roof" might be a gift from the real estate genie.My point is this: get good at estimating and fixing a bad roof (or any particular problem found with most houses that sit on the market longer) and you'll get comfortable buying/fixing properties that scare off other buyers. 

If you and your wife are on the same page, I say absolutely go for it.Don't worry about the naysayers telling you to invest out of state if that's not something you're comfortable with right now.

But what they are used to and comfortable with.  

There's a few other exceptions such as a tax lawyer, but I find that a lot of folks find comfort in just having me respond to any notices that they might get.

It's very unique and I think would be attractive to guests looking for a comfortable get away in the mountains. 

I would say high-quality bedding, cozy outdoor spaces with firepits or seating, and thoughtful touches like local coffee bar setups.

I have around 20-30k that I can let go of semi-comfortably and that can be enough in the small market.