So while as a whole I caution people against going that route, there are at least a couple companies out there who are legit and do it well.With that method, you get the perks of BRRRRing (forced appreciation) combined with the perks of turnkey (someone else does the work).So while standard turnkeys can't be BRRRRed, you can do the BRRRR+turnkey method to start and get the benefits of both.

My question is, what are the essentials to having a successful vacation rental property in the Hudson Valley or Catskills?

I treat them like a 2nd partner because they watch out for me and are essentially a 2nd set of eyes to vet the deal, which I do recommend you have on your first deal (but it doesn't necessarily have to be your lender).8-12% is pretty standard for hard money. 

What I'm looking for essentially are people with knowledge and can get me on email lists that provide properties for sale.If anyone has suggestions and advice for the newbie please feel free to enlighten me.  

The benefits can be incredible and the opportunity to work in a niche that is a win-win for both investors/sponsors and renters alike is even more rewarding.

But whether it is cash pay outs or free rent, it is not an investment and treating it as such will not benefit you.

I guess I was thinking the cash flow, appreciation, pay down on the loan and tax benefits would be my “pay”. 

What would be the benefit of that?

Those are some obvious benefits. 

How would KFC benefit from selling its secret recipe to competitors?