So here's what I understand thus far...
I purchase the week(s) that I want at the property I wish to make my home resort, during the season that I want.
I have to call 12 months prior to my desired check-in date to reserve my week.
If I do not wish to stay at my home resort then I have to pay II a fee... even if it is another Marriott resort. I deposit my week with II and wait to hear if I get in. Here's where it gets a little fuzzy for me.
What happens if I don't get the week/place I want? Can I still book at my home resort for the week, unit size I purchased? Or do I have to contend with others trying to get in through II?
Here's how I do it:
I own at Marriott Shadow Ridge (Platinum week). My season is January through end of May and 2 weeks in Dec (2nd and 3rd week). I usually request spring break week as it rents the best if I decide not exchange with it.
So, let's say I reserved Spring break 2009, April 4th through 11th. I would make my reservation on April 3, 2008.
Next, I would deposit that unit in II. With my deposit I have from April 4th, 2008 through April 4, 2011 to use my exchange if I use deposit. With request first, I would only have from April 4, 2008 through April 4, 2009 to make an exchange. Request first can be tricky because of timing. For example, I would never use Request first with my Shadow Ridge week to travel in the summer because the earliest I can make my request is in January which is only 6 months before summer starts. I need to travel during school vacation time and I like to make sure I have something lined up at least 12 months in advance so, I can plan the rest of summer with camps for the kids, family camping trips, going away to camp for the kids, swim team, other family vacations, etc...
Okay... so, I depsoited my unit in II. Next, I pick where I want to go for the summer of 2009. As you can see you really need to be a planner and know what you want to do years in advance not just 12 months. I usually map out our vacations 2 years in advance. This gives me ideas on when I should deposit my unit over rent it over use it.
In my case, I usually have a one week window of when I can travel (as the kids get older it gets harder to find available time to travel). So, I pick my place and make my request. In II they force you to pick 3 places, 3 different dates or some combination of 3. I usally pick the required 3 and after I pay I go back and delete the ones I don't want. Then, I wait until about 13 months before the day I want to check in and I start doing manual searches with my week. I check the sighting board (here on Tug). Usually around 12 months I get my request.
I have our vacation schedule mapped for the next 2 years. I'm not saying that these are set in stone but I need to map them out. I have a lot of timeshares so, this works for me. It might not for you.
If I were you, I'd buy resale, buy where you want to stay.. If I didn't buy I'd just rent via redweek for now. I definitely believe timesharing is a lifestyle. Will you get disappointed? Yes you bet. There will be times you won't get the trade you want or get the week you want to go. People get sick of paying the fees, etc.. Anyways... only do timesharing if it fits your lifestyle. It is not investment at all. We love timesharing because it forces us to go on vacation 4 times a year. My dh love that because he has something to look forward to.
Good luck with your decision...