I would check on the demand for what you have for possible rental.  

This mixture is usually the best and helps with up front cost to you since you can start with basic camp sites like state parks which are very low cost and then phase in the other areas when demand is there.Natually the cheap sites rent cheap and higher cost rents higher.the mixture is the key because there are all different styles of camp life.Ok, that's construction.

Granted it currently has a tenant that pays rent that is actually above what I would say the property demands.

We are looking at two different deals/scenarios.SFR 3/2 $200k, 20% down ($40k), 5% int, 30 year fix, $5k initial expenses, $45k cash to purchase, rent $1650, NOI $1106, cash flow $247/mo $2,969/yr.New Commercial Condo 1100 sqft, $143k + $10k mezzanine + $23k build out finishes ($176k total), 25% down ($45k), 6% int, 25 yr amortization 5 year term, annual total rent $20.18/sqft, rent includes $8/sqft NNN (includes roof, parking lot, landscaping, common area property tax, unit property tax), NOI $1093/mo, cash flow $240/mo $2,884/ yr.Both scenarios exist in growing high demand markets near Denver.  

The market isn't in balance from a supply/demand perspective, so it's not dissimilar from the jobs market today.  

So my feeling is that there will not a major correction nationally like in 08, but local markets may shift based on supply and demand, just like they always have.   

If the landlord proposes to retain any portion of the security deposit for rent, damages or other legally allowable charges under the provisions of this act or the rental agreement, the landlord shall return the balance of the security deposit without interest to the tenant within thirty (30) days after the termination of tenancy, delivery of possession and written demand by the tenant.

From what I gather, there is a lot of demand for houses.

When buying turnkeys, you're pretty blinded to the process.There's a lot of demand for turnkey rentals, because there are a lot of investors (like me) that work a full time job and don't have the time to go through the process themselves. 

I have invested in syndications out-of-state though.Great; I know a lot of investors who are in California but buy in Atlanta because the prices are so much cheaper.The reason that prices are so much cheaper is because there is lower demand and higher supply relative to that demand for housing in Atlanta.