All the pros I've talked to in the area say the vacation rental is the way to go, but maybe this just isn't the one.

I would like to invest in Lakewood, unfortunately thus far I have not seen any opportunities where the aforementioned cons outweigh the pros.

I was hoping that someone could provide some pros and cons of each service.  

There are certainly some pros if you can weather the process, but many folks just end up not going that route and either buying something a little less decapitated, or purchasing a home they have their own funds to repair.

Both have pros and cons.

Pros:  Better understand the situation, chance to view the property, chance to establish an early relationship with the current tenants, etc.Cons:  Aggression?!

I would like fellow pocketors to help open my eyes into the pros and cons of some options.

Pros, cons?

Even if you plan to use a property manager, you will have some involvement and it is good to understand the pros and cons of your target rental market.

The pros and cons of all approaches have been hashed out here numerous times and I'm guessing there are even some blog posts on the topic.