Strategy for our own snowbirding destination: NY to somewhere warm Jan - March

[John Sprague]

Hey everyone, we're nearing retirement, and also heading into the final R of a BRRRR, meaning it's time to buy again. So we're thinking of locking down a destination we could use to escape NY winters. Head down to the heat for New Years and come back April 1st. So I'm looking for the 20,000 ft picture here, in terms of structuring the property for a 9 month off-peak rental season to cover the costs and hey even cash flow if possible. Not a destination query at this point, more about a discussion of STR vs MTR vs Nurses vs Anything, etc. Any advice on how you might structure this idea would be greatly appreciated! I haven't done an out-of-state property, so I have a lot of learning curve coming. How would you go about this?

Many thanks, in advance!

[John Underwood]

Since you are stating innthe property for a few months you will not be able to fully deduct expenses. Everything normally fully deductible will need to be prorated based on the days available for rent vs days you have blocked for personal use.

You'll just need to take this into account when your running your numbers.