Vacation rental - how to begin?
Not sure if this is the best forum to post this question or not but here goes.
In the "dream big" category, I am considering whether I can/should consider and/or pursue a property in a tourist destination. The property is vacation rental listed at $3.2M with a 6% cap rate. Info states that it brings in over $29K/month. There are 3 rental units on the property - a 5 bed, a 3 bed and a 1 bed.
My limited experience to date is with residential SFHs. I have the opportunity for a work related relocation to this tourist destination. I am unsure how to begin my due diligence on this property without looking like a complete novice. I would like to see the financial details so that I can get a better feel for the reality of this before I spend a lot of energy digging deeper. Is it common to just come right and ask for income/expense information in the first contact on a deal like this or will that immediately flag me as an uneducated newbie in this aspect of real estate investments? What is the best way to get this dialogue started realizing that making this happen is likely an extreme long shot?
Thanks!