7+ bedroom homes do well in any tourist heavy area (we are in Tampa/Clearwater/St Pete Market) as they can accommodate large groups and simple land demand principles apply as there are many large groups wanting to rent accommodations and there is not enough supply.

Go to Prospect Park, Brooklyn, which is local and not affect by tourist, and you'll see that while it's the 2nd largest Park in NYC, there is barely any room to do activities from all the people who live in the surrounding area.From this report NYC Population Growth you can see that NYC's population growth is expect to increase another 800k.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing, tourists or vacation rentals.

I'm considering a Direct mail campaign, but my area is a heavy tourist area, with about 40-50% being second homes and seasonal rentals, so absentee owner lists are pretty difficult to weed through, obviously I will need to focus on NOD's and Tax default, and death notice/estate/probate lists, anyone have experience in a heavy second home market?

I was actually thinking about looking at a 4 unit multi family downtown as close to desirable tourist destinations as possible, and then renting out 3 of the units on airbnb while living in the 4th. 

Location is key, is it a tourist area, in a city near a college dorm and rentals, what's the market?

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

Sanibel and Captiva are a big draw for tourists, and they will not be accessible by car for a long time (I'd have to guess at least a year to rebuild that infrastructure). 

The answer to the "unsustainable debt" bubble in the US/Worldwide has ALWAYS been one thing which is to inflate away the MMT produced debt. 

This can make it an appealing location for residents and tourists alike.