I've found there are cheap all-wood flat pack cabs that are much better for similar money.

@Roy N. and Jeff Beard Thanks for your responses...you summarized the options well.While the property might be beautiful, if the numbers don't justify pursuit then the right thing to do is walk away.  

Yeah, we lost our Premier Partner as well but basically because lower booking numbers on VRBO and reviews not getting done by guests.I have never had to cancel a booking yet, knock on wood.

Don't paint any exterior pressure treated wood.

Quote from @KiKi Wood: Hi Melvy!

Quote from @Mike Wood: I have several duplexes that are financed with conventional 30 year Fannie/Freddie investment loans, but I have reached my limit  (10). 

If a house does have some rotten wood ( siding and trim around the windows and or doors , missing an appliance or two ( say there's no stove or dishwasher ) ......

Day dreaming here, but purchasing land in the Deschutes River Woods / South Bend and developing a cabin with plenty of outdoor amenities would be - a dream.

Exterior:Applied fresh paint.Replaced siding due to wood rot.Interior:Installed new ceramic tile flooring.Added new kitchen cabinets and granite countertops.Updated the bathroom with a new vanity featuring granite counters.Refinished the existing tub and tile surround.

This is conducive to "Wood Damaging Insects" to be able to get in the home.