The kicker is you have to generate some kind of income when you're holding land (mobile homes, agriculture etc).

Investment Info:
Single-family residence buy & hold investment.

Purchase price: $140,000 in Nov. 2005

Sale price: $175,000 in July 2007
1872 square foot single family home with no garage. Nice f...

I invest in college towns and resort towns mostly with a summer lake warm lakes and ski hill within 30 min with little to no vacancy. 

Its just a really small town and very few towns nearby. 

While the property is in a smaller town, it’s relatively close to a larger city, which I think adds a lot of potential for attracting both short-term guests and long-term tenants.The motel has fewer than 16 rooms, and the nightly rates are extremely competitive for the area.

I studied RE development and investment for my MBA, I am the building inspector for the town where I live and I worked as a contractor before switching to only working on my own deals.

Out of state, southeast and midwest college/mid-sized towns.

A general rule of thumb though (not a hard rule) is that if a market has a prolonged history of vacation rentals such as towns whose commerce is very dependent on tourism like beach or mountain towns, then there is a good chance than those towns have established their airBNB regulations decades ago and are likely stable.

I, too, suggest having your bank account with a bank that is popular and easy to access in your tenants' town.

I'm in Steubenville, Ohio a small town with limited resources.