Pick two high end overseas tourist destinations. 

There is an abundance of supply, high price tag, it's more of a corporate travel town than a vacation destination (meaning that 1-2 bedroom units are in most demand, which puts you squarely in competition with hotels). 

A vacation-destination market, with year-round travelers.

But to @Zachary Cain Humphrey's point about motivation to buy a vacation rental in Colorado (or Destin or the Smokies) is that most of my buyers also want a home to visit.

I'm considering diverse options for reinvesting the proceeds ($200k+) from a planned 1031 exchange and am open to various strategies:Las Vegas/Reno: These markets offer potential for both cash flow and appreciation, but I'd need more information on their suitability for mid-term rentals and current market conditions.BRRR strategy: This approach could be attractive for value creation, but I'm hesitant about out-of-state management and require a turnkey or experienced team to handle renovations.Other locations: I'm open to exploring other markets offering favorable investment opportunities, particularly turnkey properties or areas with manageable maintenance requirements.My preferences:Turnkey properties: Minimize management headaches and focus on cash flow.Limited appreciation: While some appreciation is welcome, cash flow is the primary priority.Shorter-term rentals: While Airbnb isn't an option in my current area, I'm open to exploring short-term rentals in other markets.Avoidance of major renovations: My recent experience has solidified my preference for well-maintained properties.Current portfolio:3 duplexes in Missouri (mixed performance)1 single-family home in Memphis, TN (turnkey, positive experience)Questions for the community:What are your thoughts on Las Vegas and Reno as potential investment destinations?

Increasing unit number or using less conservative, or increasing rent numbers or lowering vacancy rate could be close to a 6% cap rate.The area is known as a tourist destination, is geographically constrained, has a massive housing crisis and isn’t expected to ever build enough housing to meet demand.

Tulsa is a prime investment destination, with rental rates averaging around $1.00/sqft in the metro area.

“You cannot change your destination overnight, but you can change your direction overnight” “You don't get paid for the hour.

If you go to a lower tier destination to find cheaper real estate you will find also get lower revenues.I would advise to focus on the long term appreciation of the purchase instead of the cash flow!

Comparatively speaking to other large American cities, the cost of living is cheaper.The city provides a wide range of communities that may accommodate various tastes as well as a rich cultural experience.Austin, Texas: Young professionals are increasingly choosing Austin as their destination because of its robust employment market and lively culture.Although there are many prospects for both conventional and innovative financing solutions, the real estate market may be competitive.Before making a decision, consider visiting these areas, exploring the local real estate market, and connecting with local investors and real estate professionals.