Vacation rentals in a foreign country

I'm not sure they are any major US Federal income tax Pros or Cons. It will be certainly be fully taxable as with any other rental activity and there may be some additional reporting obligations if you maintain a foreign bank account.

You will need to know what foreign reporting obligations (tax & non tax) you may have (if any). If you pay a foreign income tax on the activities income, you may be eligible to claim foreign tax credits against your US Federal liability for those foreign income taxes paid (subject to certain limitations). That will likely necessitate a slight increase to the complexity of your domestic filing.