For a high tourism area, Napa Valley is highly regulated.  

@Zeke Pirtle imo the most important thing is choosing a mature vacation market with plenty of demand that has favorable ordinances already in place (ie find a place where tourism is the lifeblood of the local economy), this is far more important than whether you invest locally or at a distance.

Overall, while hotels have been hurting compared to normal levels, tourism is still pretty strong here - we are just seeing more domestic instead of foreign tourists.

@William Brock A large part of STR markets are locations that have an economy based on tourism.

It is an untapped market that relies heavily on tourism so their STR rules are minimal.

Seems to me you are throwing away the advantage of a long term tenancy and embracing the problems associated with it.

Embracing value investing, long-term rental income, and strategic renovations for quick profits are key tactics.

New Englands economy is extremely diversified, which means it has and will likely continue to fair better in a recession as opposed to other regions that focus exclusively on gambling or tourism or manufacturing.

Is the tourism booming?

The economy is propped up by many industries, not just tourism.