Originally Posted by Deb & Bill
If you book a DL hotel room on points and cancel, those points are still Reservation points and cannot be used for DVC. The only benefit is that you don't have to pay the $95 and don't have to worry about the Rule of Four.
Originally Posted by tjkraz
As to your original question about booking a hotel room on points vs villa waitlist, I would take the hotel. Sounds like you're under time constraints to use the points. Better to get SOMETHING than NOTHING. Villas are more economical and probably luxurious (I'll take a one bedroom villa over a standard hotel room any day) but with the urgency to use the points...take what you can get.
RCI tends to not be a good option on short notice. You can try doing a search to see what comes up but I would be very wary of the quality of any destination which is available on 45-60 days' notice.
Gotcha, should probably just try the hotel route. Thank you so much for the input guys!