Ian what does the charts say will cause the correction.. for me in the real world of buying and selling.. what I see in some markets is high end is dicy ( luxury)  starter still pretty hot and first time move up.this is quite regional as well.. since our west coast markets are not SFR rental markets like it is out your way..

We have the luxury of our own crews and subs which we use for our custom home builds and intimately know the code officers and zoning issues.  

In my humble opinion, I would take your large chunk of cash and invest it into much more properties in other cheaper areas of the country and find other lodging alternatives when you're on island.  

Sheboygan seems to have quite a bit of development going on, particularly in luxury apartments/condos!

Are your rentals going to compete with new luxury units?

I know we all wish we could just state we can't be sued and it never make it to court but it is a luxury that only the Gov. gets to enjoy. 

A friend of mine (retired mailman) met a drinking buddy at the Moose Lodge.

They tend to do Hostels, and spend more money on Travel versus lodging. 

Hi Joshua, I'm a local investor in the Billings/Red Lodge area.

Because if it isn't you do not want it in the kitchen because you'll be replacing it probably before the tenant that you put in next leavesyou can put a luxury vinyl tile on the kitchen floor over the existing vinyl.and you may need a transition, and that's really okay.