Multiple owners vacation/rental schedule??

[Ramsey Blankenship]

My brother and his friends are purchasing a lake house in a very desirable location of La. It is a beautiful home, right on the water, with a boat launch and slips. There are massive fishing tournaments on the lake hosted at a marina next door. The home is an off market deal with a purchase price nearly $100k below market value. Here is the issue: They plan to use the home as a vacation home and short term rent it when not being used. There are three families pooling together to purchase the home. They are all friends and will likely use the home together many times. I told him that there needs to be clear lines of uses before they close. My concern is if one family cant use the home due to their work schedule, and another uses it often - there is an offset in rental income and use. Does anyone have any experience with sharing a vacation home and ways to spread the calendar fairly so that one family does not over use the home, taking away from rental income of others. Thanks.

[Ariel Smith]

@Ramsey Blankenship Another thing they would need to consider is whether or not they need the rental income. Is it just to help offset the costs? Are they looking to break even? Are they looking to profit?

My boyfriend and a friend own a home together that they rent out as a vacation rental. It works well for them because they rarely use it and we only use it in between bookings they already have. Its main purpose is an income property. 

They need to decide what the property's main purpose is. Vacation home or income property?