I believe that is what makes this site different than others to hear all sides,  blunt and unsugar coated from those of us in the business so those who are not in the business can benefit from straightforward discussions. 

Vacation rentals in general are a different animal but yes can be lucrative depending on the dynamics of the location.

Even in nice neighborhoods there can be issues, for example I know rich kids (party animals) have left their apartment in terrible shape after moving out (although they did pay the rent)I know you can build in an expected vacancy into your reserves but who knows what that will be?

I agree a mentor is a different animal then what is out there now.

The internal structure is sound and supported by wood pillars, wood floor joists, and wood beams(unfortunately they are coated in lead-based paint).  

Use that to fill the gouges almost level with the existing plaster surface, then fill in the rest with a nice even skim coat.  

Here's what I gleaned as a summary of hardening tips for reducing turnover/maintenance costs:panasonic bath fans with timers in bathrooms4 coats of poly on wood floorsdouble door stopstile floors, showers vs surroundssingle lever shower valve vs. doublereplace toilets with steel parts/mechanicals whenever it starts to runKwikset smart keys (some debate over efficacy)door stoppers on all hingesremove pop-up drains and replace with commercial drains2' drain lines from sinks with an accessible clean outbuy a key cutter - maker for $50 on craigslistGranite tile counters - need a diamond polisher and tile sawUsed Fixed vs. friction shower rodsKeyed deadbolt and passage knob on outside doors to prevent accidental lockout5/8' fire core drywall - can't put a fist thru it and its fire-resistant1/4" board to back up towel rodspolyurethane cabinets under sink to pre seal and drain water to the floor2x4 base under cabinets to prevent particle board cabinets from failing where they meet the floorVinyl scrap under sink and up the back wallBest of luck!

Bank agreed, gave me $2500 back.closed the deal. place only needed to be cleaned + fresh coat of pain.

Animals:  For either you or for your the tenants, certain breeds of dogs will cause the                     companies to not write you Any bite history for any type of dog will also                     cause them to decline.6.

the rental world, i promise, is a completely different animal than flipping.