Unique investing question

[Christina Pope]

Short version:

My father recently passed at his owns hands and owned a beach house fixer upper. This has since passed to his girlfriend and I want to buy it from his as he had renovated half with his owns hands. It is one last memory of him and I am trying to find a way to buy it and once it’s fixed up, repay the loan with Airbnb or rental money. 
can anyone please give any advice?

Thank you 

[Madison Wilson]

Following! My SO and I are in a very similar situation with a family beach condo that they want to sell within the next two years. I have managed an AIRBNB before that was on a popular Texas lake. I would note that you can make great money in the height of Summer in a seasonal vacation destination but do account for your property taxes and mortgages during the months that it is cold and not as busy. As for AIRBNB/VRBO, they are very easy to manage but can be time consuming. I would compare your property by bedroom, size, amenities, etc. to see your nightly rate and compare how much you could make based on competitors average times booked. Adding quality amenities like board games, streaming services, strong WiFi, lists of local activities, extra sleeping, etc. is a great way to get an edge on the competition by covering every aspect you would want when vacationing. 

I would chat with your loan officer if you are using traditional financing on how best to approach your purchase strategy. Also, very important to check the short-term rental guidelines the city has in place where you are purchasing. A lot of popular places have cracked down on strict rules to keep traffic to a minimum for local residents. Run your numbers twice to check your return on investment,and see what is feasible for you, should you have slow months and end up footing the extra bills. I am a heavy advocate however for STR, as I have seen how profitable they can be. Best of luck!