I won't get into that as I'm more concerned with the lending aspect of it as discussed above and just overall strategy with the ARM.

It is a good community to network and learn about all aspects of real-estate investing.

There are some troubling aspects of your letter.

While this is mostly focused on this one aspect right now, what we really need is an all-encompassing plan.

Welcome to BP,I think your first decision is what part of Real Estate do you want to get into, there are numerous aspects where you can make money and I guess that is your objective?

It is a good community to network and learn about all aspects of real-estate investing.

I'm sure it is just like buying property locally, but I wonder about the inspection aspect for out of state investing. 

I love the tax free aspect of it of course.  

Trying to learn every aspect and start investing ASAP.

Which works but is not very scientific and is tedious to look at a lot of data.Next would be average nightly rental rate by the year or better yet by high/low/off season.My wish list for both these numbers would have aggregate for the market and broken down by product type, 1 br/1ba condo, 2br/1ba condo, 3 br/2ba house.