We sold to other investors and we don't think their plan made any sense. They are a husband and wife in NYC and want to do remote, short-term rentals in Austin. Our little complex used to be completely filled w rentals. Now the parking lot is empty, so the market has def. dwindled. Also, even though we had outfitted the place with really nice, brand-new stuff, they only wanted to retain the bed and sleeper-sofa, so we took everything out, which took the property off the market, which meant they had to cancel the last few reservations we had for COTA and ACL weekends.
So they lost the money from those rentals and the scheduled renters were FURIOUS with us. We explained that we didn't own the property anymore! At least the poor renters didn't lose any money but they had to find new places. We felt bad about it but we were so glad to get out of the market and still stay ahead. Our little one-bedroom condo was awesome, but it couldn't compete w the explosion of three bedroom homes on the market in that neighborhood with a pool. Guessing those are homes people pulled off the sales market.
However, I do have friends from Austin who are doing great at it. They have a beautiful, five-bedroom house with a great pool outside the city limits, and it's always rented out to weekend engagement parties, etc. Now they live in NYC, so it can be done.