I was living in Texas and after two other managers who just continued to let the place deteriorate I was down to 4 out of 14 tenants left, and homeless, squatters, gang members, and people conducting illicit activity overran the place vandalizing units and leading to regular police visits including for a homicide. 2nd half of 2021 is focused on rebuilding.

My wife and I are not regular investors.

They reviewed the reports their manager sent them, got on the manager for things that weren't right, were willing to switch managers and contractors and visited on a fairly regular basis.

Third, the seller can still receive regular returns without needed to "fix toilets."

The property is 100 yrs old and requires regular upkeep.

Also keep in mind vacation rental can be done long distance but it is more a customer satisfaction / hospitality market where as seasonal rentals (say a few months) are more like  a regular tenant market. 

You can get regular residential financing (backed by freddie/fannie) for up to 4 units.

If you are serious about wholesaling I can give some unvetted advice as i'm just breaking in myself but am having regular conversations with sellers.

I would do a regular lease with a 3 month term and require the entire 3 months be paid in advance.

This year I didn't play musical chairs because my regular interest rates were so low it wasn't worth the hassle.