Production builders work on volume and lower profit margins and are your competition..

This provides an international/affluent tourist pool whom are extremely unlikely to disappear regardless of local economic conditions.

The only thing propping them up and forcing them higher is our monetary system and governmental regulations that limit competition in the market place. 

Generally, lenders base their refinance valuations on the property’s in-place income and existing condition, not future projections.

The free marketing is not effective in a competitive market neither is the marketing strategy.

.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

I am primarily concerned with completing renovations in a timely and satisfactory condition, so I foresee the selection of GC looming large in my project's success.

Will likely take longer to close than a traditional hard money (they have to order an appraisal, satisfy lender conditions etc..).

Assumed nothing could possibly go wrong in the next 5 years what you want when you look at an investment property is to know the current rental amounts, specific expense items, and conditions of the building, grounds, and mechanical systems.  

Check Furnished Finder, Zillow, as well as AirBnb and VRBO (30+ day stays) to see what sort of competition is in that specific market.