Run your numbers, and if the deal supports it, it is certainly worth using Other People's Money instead of your own. 

@Paul Deliso Finding a multi-fam or any property for that matter that is value-add and needs some TLC would be your "easiest" way of adding equity and forced appreciation upfront which would then allow you to pull more cash back out to pay back your lender, assuming the comps and market support the ARV. 

They do work hard for the money, but they know the tricks on how to do the job and not do it all.Great example, yesterday the appliances came in for a tri plex and I had to sign off and the installers hid the stove earthquake support underneath the  paperwork ( warranties).   

I'd start looking around the major universities in those cities.  2nd rule- If you can't get there with a direct flight from your location then take the city off your list.

The closer to the university of Rochester and RIT the better in terms of rents.  

Even beyond the markets you mentioned (Mammoth Lakes is not easy to get a permit FYI), here are others near you that have decent to favorable regulations supporting non-owner occupied STRs:Palm SpringsFullertonHuntington BeachSanta BarbaraJoshua TreeMalibuBig Bear LakeNewport BeachFeel free to DM me if you want to jump on a call and figure out the best bang for your buck.

You are correct in your assumption that many appraisers just add what you purchased the property for plus what you rehabbed it for and then they look for comparables that will support that value.

So, sellers can also be asked to sign notarized affidavits personally guaranteeing the validity of leases and ledgers.So now, let’s get to the clause to include on your purchase agreement to make sure you get all this information in enough time to review it.Seller(s) agrees to provide the following to the buyer within X days of buyer’s satisfactory inspection, but in any case at least X days before closing: All rental leases, rent ledgers, tenant(s) valid phone numbers and email addresses, rental applications & supporting tenant identification, income and asset information, any documents corresponding to any ongoing legal actions pertaining to the property, leases, service contracts, etc., at least three (3) months of the most recent bank statements for any account(s) rental funds were paid into and any company or corporate tax returns for proof of income and expenses.

Perhaps single family off market properties, or larger homes near the universities (single room rentals), or finding areas that will hopefully inflate due to developments, or finding perfect homes in the markets outside of Marion county.

Communication and support are a godsend to elderly.