Reading thru Vail Resorts annual report the other day and looks like they loose money. 

Right now you say it is $400/mo but in the summer it is much less so you need an average. you can't gouge tenants or you'll get a phone call one day from a lawyer. 

In my land Timber days we just used bank LOC's but success in logging and creating substantial income allowed us to get those lines.

We have many quick rehab deals reappraised and refinanced after the work is complete without much seasoning, usually around 90 days.

The OA/PPM need close reading for the rough seas days.; few care when it's sunny.

At the end of the day, it’s a big decision choosing who to invest with, but the academy is very enticing.  

But if your goal is to cashflow positive from the Day 1, you may find it very challenging due to current day interest rates, high cost of construction and the fact you won't have the efficiencies of a seasoned developer building at scale.

The way I see it as a wholesaler is that my buyers are people who I am striving to buy one day so I pay close attention when they tell me something.

In order for you to make a good decision to stay in real estate and do a 1031 if selling that AZ property is warranted.And at the end of the day there is the crystal ball factor :)

I exited the market due to the short term rental regulations - properties that are rented under 90 days are considered short term.