We like the idea of a vacation rental at/near a resort area where we can use the rental 2-4 weeks a year and do STR the rest of the year. 

If I were 25 years old, defaulting could be a solution, albeit a last resort after exhausting all other options, but where I am now, defaulting like that would ruin the rest of my life, so I would avoid it at all cost.

I currently live in Kalispell, MT 30 minutes from Glacier National Park and 10 Minutes from Whitefish,Mt Ski resort.

Lake county because of the lake and Napa Sonoma because of proximity to SF.The original resorts were all mineral bath type resorts .. and thoroughbred ranchs and in fact even though not in Lake Co Seabiscut lived and died right up the way in Willits. 

Its near two large ski resorts and is a big game hunters paradise.

I live about 20 min away from Minerals Spa and Resort..

I am doing a cash-out refi on an STR townhome/condo in a vacation/resort community.

Primarily, tourists go to these places for the all inclusive resorts/also cruise competition which both options are not too expensive in many cases.

I have about $40k in cash and I have access to another $45K in 401K (last resort). 

No personal experience with it but I've seen the North Carolina ski areas pop up a few times on some STR FB groups as renting pretty well for skiing in winter, while still having good summers.The problem with the big western ski resorts is they're ALL pretty much priced to perfection (and then some).