You're not going to cashflow on a water front property and you may have issues with seasonality and/or demand in a very tourist-driven area.If you have an idea of where you'd like to invest and what the numbers might look like, a good way to test the waters is to put an ad on craigslist showing a potential property with the rent you'd expect to get and see what kind of interest it gets.For my rentals in Louisville, over the past 6 years I've had anywhere from 2-3 emails a week to 30+ emails per day depending on the location, rental rate and time of year.

As for Northern Michigan, the Traverse City area has become expensive and tourist-heavy. 

On my recent vacation I came across a Russian tourist that said that he invests into debt instruments such as notes in Russia.

After speaking with a broker in Virgin, UT, I learned that capitalizing on that  Zion national park tourist vacation rental market can be (relatively) pricey and challenging.My investor and I are looking for something close to nature or smack-dab in nature; but, still close enough to modern amenities to resolve any issues should they arise (emergencies/food etc).I learned that if you are in the mountains, you will more than likely not have year round access, no water/rights, 2 hours away from amenities and no management willing to make the drive to check on 1 cabin, needless to say it was a little discouraging to hear. 

I currently have 3 hotels listed for sale in the Orlando tourist market that fit this exact criteria.

Sitting right next to one of Florida's main tourist attraction, John's Pass.

I pondering doing something similar in Anaheim, CA, because Disneyland is a huge tourist draw; however, I'm hard-pressed to think of a similar attractor in Dallas.  

Charlotte is one of the best areas in the US to buy rental real estate and it has been so that I know of personally since 1993.Top areas have been since 2002:Phoenix (now pricey), Dallas Ft Worth, Austin, Vegas,Charlotte.Charlotte is not a tourist economy like Las Vegas, CLT has a solid finance, manufacturing and tech base for employment. 

Do you intend to come on a tourist visa and either buy and hold or flip properties? 

The city has come a long way in the last 20 years and I know lots of folks who think the Willamette Falls Legacy project could really turn the city into a legit tourist destination.