Go to a local convenience store, see what kind of people live there. 

Building on a lake requires experience with the locale and building regulations.

@Arianna FarinasI like house hacking locally first.  

And the huge upshot is that I will be there in person living in one unit to ensure stabilization is smooth, and staying local (living 10-15 miles away but probably using it as an office weekly) for years to come.

After speaking with a local realtor and lender for quite some time to just get some information, they advised me that we are currently in a "buyers market" compared to a "sellers market."

Often times even if its a single family home or a multi with separated utilities there are some utilities provided by local government.

@Conrad Legé3 good sold comps should be minimum in my opinion and you should also look at active, contingent, and pending comps.

The local paper or county website will have all the info you need for auctions, tax deeds, foreclosures, etc.  

Couldn’t have said it better myself I am very active within NARPM at the Local, State, and National level.

I just don't see many owners on BP active in those areas.