Save some money for leverage and maintain your credit.

If you buy right and build equity through an effective rehab, you could then refinance into a conventional loan extracting any equity beyond that needed to maintain 80% LTV (no more PMI).

Well, I've been here many years and the owner never put money back into the place to maintain it.  

If you operate as a negligent party, maintain a sham operation, and get sued.. no insurance or corporate cover will help.

And if it's a nice unit in a well maintained park, seems like it would potentially work for a rental, too. 

If you would like passive income that you don't have pay to maintain call me today and I can schedule an appointment with my colleague at the residence. 954.501.7758

Is there a lawn to maintain?

And if the vacation rental is purchased under an entity, and all the expenses are paid automatically, and you set it all up so that monthly business transactions happen with out your involvment, you have and almost fully automated rental property maintained from a laptop via email and calendar. 

if values drop so will taxes, and you can deduct based on loss value, your rents will maintain with very minimal hit so hacking a hold is as strong of performance as you can get id look at cashflow over appreciation as you could essentially live for free if you do it correctly

No one has mentioned the time time and effort it takes to  find and maintain the property.