It can probably be rented to locals in the off-season (Sep - May) at normal rates but I speculate its a tough business model.

Lending requires a bit more investigation and compliance with laws, both local and federal.land banking (investing in raw land) requires some very good due diligence into the market and into each potential purchase, then has negative cash flow so your exit strategy must be well planned out and this is more of a speculation play.You should be adding to tax deferred/tax free growth accounts like an IRA, solo 401k or ROTH versions of either.

So, considering that, it seems to me that there is a chance that property values could start to decrease next year, but as @Michael Boyer said, anything could happen that may bring the oil price back up in a year or two, so this is all speculative.  

If you go to court and suggest that you think drug activity is occurring, the tenant can argue that you have no proof and are speculating. 

One strategy discussed in the book  that is a pure SPECULATIVE and not INVESTING is securing the right to purchase a condo or townhome in a small development prior to construction and then selling your unit once construction is complete with the thinking that once the structure is standing, a lot more people will be interested and you will be able to sell for more than the purchase price. 

Historically, it is an appreciation play, which is speculation, not investing.

Let’s not go into market speculation from SALT and interest deduction effects.

If you wish to speculate on appreciation cash flow is generally traded off for the risk of greater returns someday.  

I learned in 2007 not to speculate just on appreciation, and just assume the market may crash tomorrow. 

It is all speculation.