I'm not going to go so far as to say it's completely off the table, but I definitely understand and hear your warnings.

Here is why:STRs aren't going anywhere and if you can make the experience unique EVEN BETTER.

Probably because I legit LOVE what I do, I really do.Now, a very key point, I'm not a Top-Producer because I specialize in REI and that's extremally unique itself to be one of the legit few, I slay because I have a passion for what I do, I get jacked-up about negotiating DOWN a great buy to make it a ridiculously awesome buy even though it cut's my commissions down, because I'm a sick-twisted addict who can't stop my thrill of the hunt, lol.

Prices are still dropping and, because this is a unique situation, nobody can predict where the bottom is.

The value of the land has very little to do with cap ex.Each property has unique cap ex cost.  

Entertaining the idea of building something unique and smart for the Austin, Texas area or other parts of the country.

A RE agent is going to raise the price and take a commission for not bringing much to the table.

Once I start having some success there, now I don't look at California and get disappointed, now I just enjoy exploring creative strategies and making my network in different states, and talking with amazing people making money in unique ways. 

It is likely that for most of these, your loan will be designed and approved by a few people sitting around a table in a weekly meeting, one of which will be the person you are talking to.

We all have unique financial situations and a CPA would be best qualified to advise you on whether it would makes sense given your current standing.