in our market here in Oregon its a cottage industry running around and trying to buy redemption rights.. and the folks that do it are doing it purely to shake down those who bid at sale and don't understand how the rights work.or the bigger players will only bid on deals they own the rights to ... there is a 6 month right of redemption.. and the sales are uber competitive.. so the chance that it goes for a number that another investor who may own the redemption rights to  would redeem is remote.. and even if they do they owe you 9% interest.. and any cost you may have fronted to keep the property from getting damaged.. however if you jump in and rehab it you would lose those dollars.the redemption buyers buy the rights by getting the property deeded to them.. usually for 100 to 500 bucks sometimes more if there is massive equity .... and they usually record the deep a day or two before the sale.. then go the sale and see if someone buys it.. then walk up to them waive their deed and try to negotiate to sell the rights.. usually 5 to 10k.. because with the rights you can start your project right away with out them you need to wait 6 months... so it become the cost of money and time equation.and as an aside generally there are 100 sales posted and only 5 to 10 actually go... but it sounds like this one might go if there are no heirs to throw it into BK or they are working on a loan mod of some sort.good luck with it.

I thought it died in the late 90’s when they tried it with California beachfront property and Colorado ski resort properties?

I was looking at Solara resort but open to other locations. 

If it was just me I would think about renting a room somewhere, however I also have 2 cats and have not had good experience renting rooms places so that would be an absolute last resort.

After doing a substandard rehab many times owners or Property Managers will resort to tenanting the home with anyone with a pulse, the first month, and a security deposit just to get some one inside the home and that is often the beginning of sorrows.  

That said, along Camelback Mountain Resort a lot of properties are in their recreation district and therefore allow STR’s. 

I know the big players (hedge funds and big, established investors) invest outside of their backyard.

These 8-15 bedroom properties in resort style communities near all the amusement parks are CASH COWS.

By bringing those two players into your circle you will be able to locate properties, determine the extent of a rehab (if needed) and determine market rent.

The only times I use hotels are when there are no STRs where I want to go.....I.E. the Vegas Strip, downtown Phoenix within walking distance to the sports venues, etc.....Or when we want to go to a true 'resort' during the summer.