Also, I’d make the down payment large enough to cover damages if they don’t pay and trash the house.

We are also rewiring the whole house and adding an exhaust fan.Glass block is very nice, but the framing and perimeter sealing is not bullet proof. 

I hate to say this, and I may be wrong, but in order to maintain the status quo, we may need another large attraction to draw more people to the area, a big splash to keep them coming at the pace of the new construction.  

Build a large location in a great location

Thanks for reading and please let me know what you smart large pocket investors are thinking for investing in this market. 

Unless someone has a large backing of investors, conventional financing will be hard to find for a project of this nature. 

I only posted to this forum because this is my ideal field of interest since I want to be involved in large scale deals.

Do you want to take on the large project of a flip and sell, and walk away with a lump sum of capital, or do you want to buy and hold -- putting in the needed renovations to make it renter friendly and then getting a tenant into the property to pay off the asset?

Mortgage interest and real estate taxes are tax deductible, and the other closing costs are added to the basis in your property.

My advice: thorough research using market tools and local insights, and factor in the added responsibilities and costs of short-term rentals before diving in.