Only a small percentage of these are on the more easily accessible part of the lake and for most visitors it means an extra 40-60 minute drive to get to the other side.

My guess is you could pay cash for 3-4 and get started pretty easily.

I have found there to be a lack of easily searchable and reliable information on this, besides for this thread.https://www.biggerpockets.com/forums/48/topics/159564-when-a-housing-bubble-bursts-do-rent-prices-decrease-accordinglySo, in your experience in previous down markets, what has worked best?

When you get your property under contract how easily will you be able to get rid of it.

You're right; it's very annoying, especially for something that you can't easily return and repurchase. 

We're thinking a revocable trust.Basically, my partner and I simply want our assets to go to the people we intend as easily as possible and with as little tax implications to them as possible.

You can easily find properties for under $100k (roughly) that can rent for $1,100 in those areas.

Also, since you cannot legally sign contracts he could probably get away with not giving you your cut fairly easily.

So that pretty much proves what I stated, before, and in this reply. 1) they were wholesalers and 2) they bought them at a significant discount and 3) they were not willing to sell them for less than ARV because they know they can sell them to investors any time they want, easily.

But that again depends on if you meant residential or commercial MFRs.you can find these quite easily in Chicago market were most turnkey is some sort of duplex to 4 plex.