That has to do with regulations, most of these are high interest loans which are considered predatory lending when it comes to lending on a personal residence.If you plan to acquire the property as an investment then hard money lenders & private lenders alike would possibly lend on it. 

I could be wrong on this, but to my understanding if the work does not affect the square footage of the house nor the structural components, and is simply replacing a "like-for-like" type product (swapping out an old light fixture for a new one, but the are on the same circuit and panel,  permits would not be required. 

NIMBY by the locals.. some places are just more popular than others... many of the places you mention are unique and can't be duplicated.. forest in Tennesse kind of all look alike with little variations.and as you mention the season in the Rockies is very short..

The new asset must be a like asset, in other words real estate can only be swapped for real estate not commodities or equities.

I was very naive back then and thought all Real Estate Companies were all alike. 

Tenants can destroy a property , you need reserves for that . in my opinion , if an investor cant handle 3 or 4 months with lack of rent , they arent an investor , they are a gambler . 

Stabilization or a small correction is a likely scenario (or worst case).

I know that gain is recognized when a Pennsylvania property is sold in a like-kind exchange. 

Must know what a Like Kinded Exchange it.

BP is a community of investors not gamblers.