I have one vacation home in Northern MI, and am renting it for the first time. It is mortgaged under a 10% down vacation loan. I have an opportunity to purchase a 2nd property, that is more than 50 miles away, which I believe being in a different market allows me to take another 10% vacation loan. However, I am trying to remember the legal requirements for renting your vacation home. I want to say that they can only be rented a certain number of days per year (180 I think?), and you have to stay there a minimum number of nights per year (7? 14? I don't remember).
I'd like to take advantage of the lower DP loan, but I also want to follow all the legal guidelines. Not interested in going to the slammer anytime soon lol.