There's nothing left to cover expenses so you better have deep pockets to cover maintenance, admin, turns, etc.If you think you can quickly improve rents to a point that covers your expenses and pads your pocket a bit, then maybe, IF it hits your return threshold.If you're buying cash, then the mortgage is not a factor. 

Read books like Set for Life by @Scott Trench and Start with Strategy by @Dave Meyer to get the mindset of starting on the table before going too deep into an asset class or something like flipping.

Shallow vertical oil wells can have pretty small pads, while some deep horizontal wells with multiple holes can have some probably 10 acres.Minerals are superior to the land, so while not all that common, so someone who just holds the land, but does not have a good surface rights agreement could find a drilling rig in their backyard. 

OP Google Dwags  security systems for houses.. only way to keep folks out.Also as @Drew Sygit Drew suggests in D class or deep hood areas which is what your describing no one puts in mechanicals until the day the tenant moves in or MAYBE the day before ..

Yet deep secret s inside places ud never hear about yet they live tight next to you ....this is only because you know and can point 👉   ...it true , it's double punishment and does put lives at risk ..people they live with when vigilant groups do this type of stuff,...yet the guy who killed 3 people cause he likes to drive an drink is watching it all go down next to u waving at u,...just saying ,..u still being punished for what u done ?

Yeah, it would be a deep cut in their asking price which is why I wanted some opinions.

I’m guessing the ski community is highly seasonal and has deep-rooted family traditions of return vacationers.

I've seen some with 475k pricing that Gross 90-100K which is a very solid return without diving deep into numbers.Thanks in advance. 

Perform a deep dive research into all legal aspects of the specific investment.  

Personally, I wouldn't spend money on an attorney because 1) I think the covenants/restrictions can sensibly be used against STRs and 2) because the HOA potentially has deep pockets if the officers decide to fight because they can pass the cost of the fight to the home owners.I would reach out to the officers to get their sentiments and to plead my case, and I would start building my case with the other homeowners.