It's generally easier to go from short term rentals to longer term ones but it's not a guarantee.

The rental will likely be short term (6 mo- 1year), so it's a not long commitment, but I still want to make sure I do my due diligence and avoid any potential headaches!

I want to buy/ invest in a vacation property that we can use as a short term rental.

How are the insurance premiums in Louisiana?

Short answer - if it were me I would self manage and I would have tenants cover utilities. 

Luxery rentals in exclusive resort areas, where short-term renters typically drive up in a Lamborghini and wearing enough diamonds to blind a person v. 3/2/2 brick on slab in a subdivision rented to a blue-collar Joe. 

It was a 130K short sale purchase with 25% down payment but I did some renovations and we got it at a good price so I had some added equity at closing. 

Also, I'm not sure how much equity you think you will have in these properties on the short term.

The links below have a good short list of books to get you going and start narrowing in on your specific interests/strategy. 

Yes my friend you "provided" the AC unit ....at least that's what the tenant will rightfully say.....and when it needs continous repairs.....somehow the tenant will seem to think you are responsible.And let's remember if the tenant hurts them selves while installing the unit, .....that you provided.....on your property.....or.......somehow they cause an electrical short......you know who will be held responsible.She of course may tell you verbally she only wants to fix the unit and not use it....but if she won't use it, why is she fixing it up?