It's true that you can't really compare average price to average rent. 

Buyers are still shopping some may take longer as sticker price may hit them but once they realize rent prices are still comparable to mortgages its a no brainer.

Collin -Go on HomeAway, VRBO and/or Airbnb and look at the calendars of comparable short term rental vacation home properties in the area of the home you are considering purchasing.Here in the Orlando area, the nightly rates and occupancy %s for homes that are new or newly renovated with fun amenities are significantly higher compared to those that need renovating and offer limited fun amenities.

I know it involves significant renovations and legal help but I believe all units will sell for about 12 million and we would only be into in for 4 million or less compared to selling or doing buyouts based on the appraised value of 2.5million.

Once you find a market analyze as many deals as possible (I recommend at least 100) and compare the yields to determine the profitability of investmentThis should be a good start for your out of state investing and also, if you ever need help analyzing deals I've built a financial model that I help investors with all the time for free.

How does your unit compare with other 3br in the area?

Working on a personal residence and wanted to compare a few loans...

Not too harsh, right?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Maybe look and see what comparable locations might charge (ranches, farms, etc...).