For a more general philosophy on hospitality, especially if you are going into the higher end STR space I would recommend Four Seasons: The Story of a Business Philosophy by Isadore Sharp about the founding and development of the Four Seasons brand. 

GP is more important in many instances than the property and that is playing out big time right now.

And a single or double play is awesome.

if all properties you see are below market rents, than I don't think they are really below market, typically.Beyond the cost of vacancy, renovation budgets, etc that come into play.  

I very much have a long term play and "don't care" about the cash flow immediately, but obviously I don't want them to negative. 

Play with your numbers and see what a deal that works for you looks like. 

And right now the bigger cabins are not a good cash flow play but might be a great equity play when you look back in two to three years.  

@Jeremy H Barton I would suggest taking a look at your cash flow before signing up for a HELOC on a brand new building.

we invest in value add plays (no major rehabs) 10-40 units.

@Levi Perl There are definitely a lot of factors at play here, especially considering the time of year.