Am I crazy to purchase a resort on a lake in Minnesota?

[Pete Slaga]

I am considering a resort on a lake in Minnesota.    It has a main lodge that has 10 hotel rooms, four 3bedroom 1 bath cabins on the lake, and four 2 bedroom 1 bath cabins on the lake.  It also has an in ground pool.  There is a bar that is leased out for 1,200 a month.    The lake location and frontage quality is 7 out of 10.   It is a smaller lake only about 180 acres, but it is a sandy bottom.    The cabins are dated and I would put them at a 3 out of 10.    I spoke with zoning and I can remodel if I keep the current footprint on the cabins.     The owners are old school..  They book over the phone and are "fancy" booking on Facebook.  My analysis and just the general sense is there is a lot of value add.

Someone share with me the horror stories and what I should look out for that you have learned.

[Jay Hinrichs]

Quote from @John Underwood:

Have the owners provided any revenue data to you?

IN my mind having lived at a resort Lake in CA for many years that had all manner of mom and pop resorts like this.. its a lifestyle.. NO way to run it from afar.. so if your looking to move there and run it.. then its a 24/7 deal if your going to have any chance of success.. If its a remodel and flip thats another thing all together.