Not sure how much help it will be, but here's one perspective…
A lot depends on the traffic the mountain generates. If it isn't a destination "resort", you'll probably see heavy weekend traffic and limited midweek rentals. Studios and 1 bedrooms tend to be in less demand that 2 bedrooms - especially at mountains that cater to families. High-traffic weekend mountains should cover your cost of ownership - taxes, association fees, maintenance, insurance, etc. A destination resort will usually provide a net profit - especially if it is a 4 season location. (I'm speaking of operating costs, not high six-figure mortgage expense which is a whole other bag of fish heads.) You will most likely be required to carry a higher level of liability insurance if you rent.
Many non-destination resorts don't see a high enough demand outside of ski season to fill even a small percentage of the units available on the mountain. Whether this happens in ski season or out of ski season, if your unit is part of a central reservations pool (especially when managed by the resort) your unit will most likely be put on a rotation schedule. That way everyone's unit theoretically gets an equal chance for number of rental days. This is usually consistent, but units known to be on the lower end of "acceptable" can be bypassed in favor of a more guest-friendly unit. There are always units where the walls are a little grungy, the mattresses a little lumpy, the furniture just at the point of needing replacement. While these units may technically pass acceptance into the rental pool, they can be know as "fill last".
Now, the other side.
If there is an owner's association, get a copy of the bylaws and rules/regulations BEFORE
you buy. You WILL
have to live by these documents. If the association has selected an exclusive rental agency for the complex, you will have to rent through that agency. Often if your unit is tied directly to the mountain, the mountain has been named exclusive rental manger. The board of directors usually makes this call. If enough owners object to the rental or management contracts selected by the BOD, they can bring pressure upon the BOD to change course, or remove the BOD from their positions and elect a new BOD which is more representative of the majority's desires. (Hope you're comfortable with politics and group living.) Rentals through the mountain often bring with it opportunities for free or reduced price lift tickets and other "perks" for participating.
If your unit is on the lower end of the $$ scale, be prepared for harder wear. It isn't uncommon to find 5-10 people crammed in a space meant for 2-4. There may likely be a rockin' party in your unit if this happens. The opposite can be true also - people willing to pay top dollar aren't always the most conscientious of other's property. From my experience, I'd bet on less damage at the high end. AVOID
renting during "college weeks" …it is almost a given that you will see damage to your unit. More than likely the building will also see some damage - holes punched in walls, light fixtures broken or torn off the wall, etc. If the culprits are caught, they will pay. Usually they don't get caught and you or the association pays. Which brings me back to the "marginal units". Some people get tired of constantly replacing furniture and appliances, only to have the next renters trash it. A sofa might look OK after renters leave, but a couple of rowdy teenagers wrestling and jumping on it might have trashed the support system, so when you sit on it you sink in up to your neck. By the time that stuff is caught, you pay because who knows who did it. There may be a small (2-4%) "hold back" out of the total rental agency revenues for claims against general damage.
Sometimes people trash things because they think the mountain is ripping them off and is getting enough of their money, so they "get a little revenge". Again, if they are caught they pay. If not, you pay. This is especially true at something like an ASC Grand Hotel, where many guests don't realize individuals own the units (and the building), not ASC.
A mountain affiliated rental agent will usually take 30-40% of the rental rate. If accommodations and lift tickets are part of a package, the $$ allocated to the lift tickets can leave little left for you after the 40% of rental is subtracted. (Package allocations are usually spelled out in the rental contract - make sure you see a copy before buying if rental income is important to you.) That's why if the mountain is primarily a weekend destination resort, the money trickles in rather than pours in. If the warm-season traffic is slow, you're still paying maintenance, utilities, etc. all year. Speaking of utilities, your renters may crank up the heat and leave windows and doors open for "ventilation control", or just easier entry and exit onto the deck. It isn't uncommon. It is amazing how astronomical utility bills can get when you have no control over the switches.
If you're going to live in the unit after two year's rental - plan on replacing EVERYTHING before moving in.
To do it, or not to do it, is a personal choice, but best to leave the "romance" out of it. There is nothing like deciding on a whim to hunker down in your own place and wait for that predicted monster storm. Then when it comes, dropping your skis outside the door and skiing off to the lift for first tracks. There's a lot of baggage that goes with it, but on those days you'll be floating on a cloud.