First Property-Part time vacation home/part time rental
Hello, first time to the forums and have listened to a couple of the podcasts after learning about BP a couple of months ago. My wife and I are tossing the idea around to buy a place in the Lake of the Ozarks in Missouri where we could rent out most weeks, and use for a couple of weeks a year as well. This is about 5 hours away from us so we would need to get a property management company to take care of the property for us. I am trying to figure out the pros and cons of this scenario. It appears we could get around $2000/week during the prime rental season which is Memorial Day to Labor Day with a mortgage/tax/ins total around $1200/month. Thanks in advance!