There are many rental opportunities in this area.
Get in touch with Martha Arnold. She lives and works in Cave Creek and has been selling real estate in the area since the dawn of time.
Her email is firstname.lastname@example.org and her phone number is 480-488-2400.
She's a good agent and a great source of knowledge for you.
I work have worked with many buyers in the area! I think if you purchase a home for a great price there are clients that would like to rent out there!
I think you may attract vacation rentals on sites such as VRBO.com. A full time rental is an option however there are renters attracted to that area! If your south of Carefree HWY it is easier to get to freeways if they have to transit to Phoenix or Scottsdale.
Feel free to contact me if you have any other questions! I have a complete list of homes available upon your request!