However:We are noticing the market is getting saturated with vacation rentalsWe have had to lower our rates to keep high occupancy especially in slow seasons like summerWe added a hot tub to one of our properties to see if it would help bookings - it has but it was a big expenseVacation rentals have had negative effects on communities like Sedona by driving up housing costs and making it more difficult to find housing since most people want to turn their properties in vacation rentalsWe are pretty concerned that the law that originally inspired us to do this is going to get repealed or modified (SB 1350)If I were buying a property now in AZ I would be more careful about pulling the trigger.

Otherwise it is like jumping into the deep end of the pool when you don't know how to swim.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

We have a couple of very slow months in the Smokies - Jan and Feb - and one of our housekeepers decided to move into one of our cabins for a few days with her family! 

I know winter will always have a slow down and I can see locally it is not going crazy but if you have experience, I'd love more info on how to deal with these tools and what to expect from them. 

Eventually you just have to pull the trigger, jump in the deep end, and get started. 

But the problem is when there is a change in status of the listing for any number of reasons (including SOLD) Zillow is very slow to update status.

The overwhelming majority of would-be investors always talk about getting in but only when conditions are right or life slows down or the economy changes etc. everyone hopes it will get better , poor people hope .

Trying to gauge the market as it's slowing down, yet the properties that were "No" are now already pending.

Depends on how deep they dig and the loan you are going for.