But you still need $1m to buy condos in some of those locations (Specifically NYC and LA), then you have to deal with the fact that a government entity could very possibly decide one day not to allow airbnb rentals due to the severe amount of competition.

We've talked a great deal about AirBnB rentals and other daily/weekly rentals in various hotspots in the area (Columbus, the great lakes for instance), it's something I'd really like to do, but we have to get to the point that we can get loans at our leisure. Because of our strategy of buying low end properties, banks are very cautious to lend to us. It's my hope that after we file our taxes this year, we can take all our documents to more banks and have a better chance. Last year I shopped about 4 different local lenders that deal with rentals, since we had a decent 2015 I'm planning on shopping 10-20 banks and seeing how much funding I can secure. I also have a few private lenders willing to lend but the rates are a bit high.