Considering a Vacation Rental

[Bernie Tobin]

After doing some research and listening to a great podcast from this site, I am thinking the vacation rental may be a good option for me.

Here is my situation, I am wondering if anyone has advise or thoughts on this.

• My wife and I are currently paying off student loans
• I live in Michigan at make about $90k a year
• We are owner-occupiers with a duplex (about $100k left to pay)
• I reached out to my mortgage guy for pre-financing
• What I'm looking at:  A cottage on a lake, near a ski resort, and casino

Any advice is welcome... I am nervous about taking out a large loan to begin investing but I realize that there are no rewards without risk.