I'm looking for small, local bank(s) in the Gulf Shores / Orange Beach area to build a relationship with.

Doug,I did almost exactly what you're thinking about with the Airbnb, only I did it when I was finishing out my career on shore duty and managed it myself.

I think this would be a good fit for a temporary tenant covered by insurance so I can list the place for sale in a year or so once the work is done. 

@John Teachout I am selling one of mine to take advantage of the prices, but only because the cash will shore up my reserves in the bank.

Adam - Did you find a good lender in Gulf Shores?

Just know that prepaying 4 and 5 percent notes is a play to shore up your balance sheet in the long run and not a yield play.

I work with tenants have a temporary problem.

I've worked with good, long term tenants when they've had temporary problems.

I think there will a temporary spike in values as people want to be close enough to allow their kids to walk/ride bikes to the area, yet not live in the complex. 

It is not completely the managers fault, but it is a relationship that is not really conducive to an owners advantage other than as a temporary fix.Have had a more than a few managers over my working years and it was pretty much the same, high turnover (the chase of the 1 months leasing fee the culprit I would guess), high turnover costs (clean-up, prep, leasing costs, repairs), lax oversight (unauthorized tenants, property damage, etc.), bad tenant selection, (too low income, groups of unrelated adults, unauthorized pets, etc.).Every time I changed managers, most of my tenants disappeared within a couple of months from the changeover.