We have toyed with the thought of a vacation rental that we can also use from timw to time.

On the older home, that would also be a good option, however, be sure to weigh how much money you have in reserves because the age of the house could prove that you will likely spend money not only in the initial make ready rehab (if that's needed) but also over the long haul especially if there is galvanized plumbing, etc.

Then no.....Downside.....liability, damage to the property, complaint from neighbors on noise, having to haul it away when they try and leave it behind when they move etc etc etc.....

I am not investing for appreciation, but it's nice that I can definitely expect it over the long haul.

You must then have the trees hauled, the land raked for roots and then earth brought in to fill the areas where the trees were. 

Make sure you discuss cleanup and don't forget to make sure they haul off the giant slab of concrete that comes out of the hole.

If it makes you feel any better I've had a house renovated recently after a tenant trashed it (had to paint, replace doors, blinds, haul trash, carpet clean, etc.).

Most residents don't haul around appliances.2.

My best homerun so far was 416% ROI in 36 days doing nothing except hauling off trash, cleaning house, mowing the yard, and putting for sale by owner sign out front and advertising on Craigslist. 

I'm buying these for long-term wealth, possible retirement income, and more important to pass on something to my children, so the additional money I paid to a turnkey to do the heavy lifting over the long haul seems like money well spent for now.