We're not sure what areas would be go to look at for investing further and if there are any issues unique to ski areas we should be aware of.  

I believe this is a unique scenario with the low rent, because the landlord is the original owner and built these units himself.

He's been great - shown up on time, works quick and has some great ideas for the 'unique' spaces that i've presented him with.

If you're looking at a different city, study neighborhoods, study home prices past and present, talk to local real estate agents, see what drives the economy/employment in the area, look into unique real estate rules/laws in the area, or if you're close to a different city--go there and spend a day checking it out.

To these I add my own comments which come from my unique vantage point: I am a CPA in Cherry Hill NJ, and over the past 12 years, my wife and I purchased, own and operate a series of residential and commercial units in 2 counties in NJ, and until recently, in Texas, too. 

How many unique unit owners and how many are on the board? 

Investor agents always have the unique ability to see projects from so many angles, and reading your post certainly energizes me!

My best advice would be to find a good buyer's rep, tell them what you're looking for, and be ready to make an offer quickly.I think that Austin is fairly unique in the fact that, for the most part, you can treat your primary residence as an appreciating asset!

Yet, when calling me, a cash buyer and full time investor, the seller wants to get 100% of retail, does not want to pay a realtor commissions, wants a fast unconditional close, and does not want to give a discount to the buyer to account for market conditions, higher vacancy and poorer rent prospects.This attitude of supposedly motivated people to resist selling a property at a distressed pricing level is not unique, in fact I encounter it regularly (every call I have had in recent weeks).  

I just think each situation is unique and it sounds to me like Trent might be in a situation where he could really use the extra time and money.