Logistics for a Unique Lake-Island STR

[Brandon Schmidt]

Hi everyone,

I'm looking to buy my first STR in coming months. I live in the midwest and am focusing in on Lake Houses/Cabins. I found what looks to be a nicely rehabbed lake home that I believe could do quite well. The lake is large (2200+ acres), it's near one of the states largest cities and universities, and the inside is appealing.

The issue is that it's on an sizeable remote island with around 15 other homes on it. There is a slip/storage available for a boat to access the property.

My question/TL;DR = does anyone have a island STR? How do you manage to get tenants to the property if you live a few hours away? Do I need addt'l insurance for them to operate the boat themselves? How could I transfer the boat key from one renter to the next?

I'd appreciate any feedback/ideas!

Thank you,

Brandon

[Marc Rice]

I'd make sure you have a full service manager in that town who can handle everything for you otherwise that sounds very difficult, especially with the brutal lake winters.