There are so many towns/cities that have their own unique culture that it might be good to spend a little but if time finding the general area you are most comfortable in then purchasing properties surrounding that area.Obviously you do not need to live next door to your investment properties, but if you live in Miami and your investment properties are in Ormond...it will make regular management of your property problematic.Just thoughts to consider, hopefully it helps.Andrea

I have a wealthy (and nice and often loans money to others) family member who I could potentially use for purchasing rental property. 

Purchasing a STR in the Tahoe area in the early 2000s... location was always paramount, however, some of the STR market also has to do with the culture and trends of the time. 

You probably signed a Personal Guarantee on your financing so your other REI and Financial instrument wealth is gone depending on your LTV %.   

they kept themselves around other wealthy individuals and or investors..

Felt like I had no purpose and was not giving back value to the world.People typically that have money will get involved in causes and charities to stay busy.My Uncle invented the cleaner Goof Off decades ago.He has been very wealthy for awhile.When he sold off the company and he took a few years off but after that he was sitting at home bored and started inventing hand cleaners and other stuff again.If I had that kind of money personally I like CTL's (credit tenant loans) that are triple net.CVS,Walgreens,Rite Aid's,etc.

I'm sure there are people in such a position to have tons of wealthy friends that trust them due to their job or whatever and could do it easily, but not me.

He said that because the culture is more family oriented, they would be harder to rent in that region as many residents tend to have families younger and prefer SFH.  

Protecting her personal wealth is critical to me. 

If you can access cultural centers or some kind of retail by foot, that's a big plus.Even if there is no medical care, there will be employees and it's not a passive investment for anyone that gets involved.