You will want to nail down all of your expenses for the property and if you're not managing yourself, make sure your property manager is equipped to deal with tenants in that neighborhood.

And of course, condotels are popular, but I don't see any that come close to having a cash flow.There is lots of inventory right now, but the time on market is rising, while the prices are slowing over what the past several years have shown.There are good stats available on the local MLS site at hicentral.The key to this market is have your financing nailed down before you waste a lot of time looking.

Evan nailed it!

I think Jake hit the nail on the head -- a combination works best.  

I think I have it nailed down to two potential strategies and I'd like to get some input/advice from people with more experience and market knowledge than I have.

@Kyle Deutschmann hit the nail on the head.

If you don't concretely nail that down how will things go better in the future?

I have yet to nail down a venue but will do that first of the week and get it officially set up. 

If they are good they will find out who you are anyway and if they resent you for cutting them out, they may try to nail you to wall. 

I don't have my exact market nailed down yet but I'm thinking outside of Asheville.