The good thing is those assets typically have recourse loans, fixed debt, value add components and don't suffer from oversupply. 

The most important component for me is the amortization period.

*Realize that the seller is only one component of the deal.

The PMI component adds around $200 to my mortgage.

There's no guarantee the populous wanting to visit your vacation area will always have the discretionary income to vacation e.g. cyclical economic conditions.I would imagine your wife and father in-law though may have a pretty good handle on the risks associate with vacation rentals and how to minimize those risks.Getting back to my original point, if your early business plan requires a method to raise capital and you can tolerate a little higher risk profile in your investments then buy early investments that have an intrinsic value component to allow for an increase in the equity above and beyond the ingoing cash flow.You are asking the right questions.

I suggest you continue to read and learn -- that is a key component in reaching your goals -- Knowledge.

Networking is really important because every RE deal has LOTS of components and people involved. 

Agree that criminal checks can be done without SSN, it is the credit check component that suffers.  

I've just provided a similar answer in another thread; you might be interested in some of its component pieces.  

KMP: Here in Canada, and most places in Europe where I have worked, language is considered a component of ethnicity and/or nation of origin.If you were moving to France or Belgium would you consider it appropriate to be denied accommodations because you do not speak French, Dutch or German?