I refer to NYC as the "Wild West" of real estate because its so hot and there's so many pocket listings.

I would also call a couple of vacation rental companies in the area and tell them you are thinking about buying there and ask them what areas rent best, what size house you should get, what amenities you should put in (wifi, hot tub, pool table, etc).

Phoenix was quite the hot spot there for a while.

I never worried about the insurance that much since we did not have that much cash in it.. if we lost 10 to 30 k in a fire ( which never happened over a decade and over 100 of these so what.)your last sentence is where I have seen many many folks come to me to bail them out.. in very hot water.. some of them got turned into the AG.. not pretty.I would not do this thinking this is how you build long term holds. to me this is get into title value add sell make your dough pay the sellers mortgage off so they can go borrow again.. 

We are incredibly flexible in our location but would like something between Dauphin Island, AL and Seaside, FL.

I was looking at this more from a liability perspective and what might be the min requirements to stay out of hot water.

I did not include:( Hopefully, I can get through the first year with minimal costs in that area because all appliances, carpet, hot water heater etc are brand new.

Thanks for the reply Charles.Like I said we have an appointment set so there's still a lot to be figured out BUT:She is not incredibly motivated to sell but in such a situation I would think it will happen quickly once she realizes the time crunch she is in.

got a quick update for you guys.Had to put in a new furnace, central AC, and hot water heater.

In fact, if you sat down with them, I would bet they can put an incredibly precise definition on what they are interested in buying and what they aren't interested in buying.