From 2020 through 2022, I felt that investors had an unhealthy, and unrealistic, view of investing in a vacation rental. 

You can likely find a distressed property here in Houston in a good area with $80k-$100k out of pocket and fully funded by HML for the other % & rehab, then maybe keep some of the money in the house and have it more cash flow oriented or take all out and eat the little OTM play.

Properties I looked at in Gulf Shores managed by Vacassa and others had severe deferred maintenance which has to eat into revenue due to lower occupancy, pricing and refunds.4.

(things to do, places to eat, school district, etc.)

Damages can eat up your profits quickly. 

Spending $20k on exterior if windows roof and painting are needed will eat up costs pretty fastBest to itemize what needs to be done and then determine a rough estimated cost

Eat frigging crab-legs for breakfast dinner and lunch?

(Sorry, my dear Friendly Fairbankians), most people won't spend money to go to Fairbanks and eat frozen moose when it's 40 degrees below zero.

I elect to leave the tenant in peace and eat the vacancy cost and not show until they are moved out for the same reason. 

If he doesn't, let him know you'll eat it this time but going forward you're going to have look out for yourself.