It sounds like you were able to get past the emotion that 99% of people have when looking at the vacation rental market.  

If they stop paying, then the prudent thing to do from a business perspective is to issue a 5-day notice and keep emotion out of the situation. 

If you keep listening to the talking heads you end up making emotional decisions.

I think it's interesting how people let emotions override the math when it comes to owning a home.

They want to buy a home (emotion) and generally will place a higher relative premium on something like school quality.  

Real estate investors that started post 2008 have an entirely different emotional assessment of risk than older investors.  

They are not emotionally involved in the purchase and better suited to make non-emotional decisions.You may be saving money, but you may be putting yourself at risk of making a major mistake because you don't have the knowledge or experience.

Just be honest with yourself whether you will be able to make the tough decisions regarding your tenants or if your emotions will interfere.  

People are very emotional buyers.  

At the end of the day, he may be completely emotionally attached to the property and this could all be moot, but at least it's a good brain exercise.Whatever thoughts or suggestions or input is very much appreciated.