I wouldn't put Los Angeles and SF Bay as hotter markets than Phoenix, Denver, Salt Lake, Austin, Dallas....and a handful of other markets that are experiencing the same lack of inventory on MLS. 

Purchase price: $290,000 Cash invested: $1,500 Fully renovated 2 bedroom, 1 bath lake access property.

I currently own two STRs in Salt Lake. 

In the search for a property near or around SLC, I've noticed anything touching the MLS is getting a lot of attention if it's halfway decent. Are there good sources for lists used to find deals (e.g. Delinquent
Prope...

@Matthew PrideTake a look at Big Bass Lake in Gouldsboro PA.

We have a lake house near a University and we set our minimum stay to 4 nights @$600 per night.

My personal favorite area to invest in are Chimney Rock/Lake Lure, where I own a couple STRs.

We are hoping to find a place that can be used both in the summer (we are considering a lake house) and in the winter (within 30 min from a ski resort).

Check out  https://encorereunion.com/ and  https://www.lennar.com/New-Homes/Florida/Orlando/Kissimmee/Storey-Lake as well.

There is a location where like minded investors gather in Lake forest every month that you should check out.