Please let me know if this sounds correct.

It sounds like you're on the right track!

A great lake front home doesn't have to cost a mint but it sounds like you want something that is really fantastic which will bring a higher nightly rate.

Is their underwriting sound? 

Definitely sounds like an interesting asset class.

I do pretty much like more SD than SA, but as you asked, the money that I have to invest it aint that much, goes between 30-40K to start and will be definitely for long term, as I said, I´m a beginner in this business in the US, as commons says I´m at the baby steps stage right now.

I am making some assumptions, but it sounds like you just don't have enough cash/liquidity to invest from a position of strength.

Sounds like it might be doable, especially since you have already experienced what it would be like.

I’m a first-timer, so bear with me if I sound a little clueless – I’m still figuring it all out.Here’s the scoop: I’m looking to purchase a long-term rental property within the $300-350k budget range.

At the risk of sounding too dramatic (but I know us on BP can get extreme to reach our goals), I am going to NOT get another residence.