Retirement home in Florida

[Alice Schweiss]

My husband and I are recently retired in MN.  We are considering purchasing a second home in Florida (Gulf side) where we could spend the winter months.  We have two adult children (who reside in PA and NC) and therefore would like to have a home with at least 3 bedrooms for when they come to visit us.

Although we can afford to purchase the house outright, our children, who are very interested in getting involved with investment properties, have suggested that we consider a property that we can AIRBNB/VRBO the home when we are not there (basically the summer months).

We could purchase the home outright and keep our current funds invested in the market since the mortgage rates are so low.  My husband is also a veteran with no outstanding mortgages.

If we purchased a home that we would AIRBNB/VRBO part of the year, they (our children) would be interested in the ownership of it as well.  Since we would spend most of the winter months there, there would be little opportunity for AIRBNB/VRBO rental income for them.  We would need to figure out a way to compensate them for this time.  Does anyone have a recommendation on a method that would be fair to all?

There was also a discussion of whether we should consider a home or a duplex.  If we purchased a duplex, we could rent out one side of it via AIRBNB/VRBO and live (not rent out) the other side.  Thoughts on this?

We do not have any experience with ownership of AIRBNB/VRBO properties.  We assume that there are reputable management companies that can take care of rental/cleaning/etc.  What can we expect to pay for these services?   

We appreciate any/all comments you may have.

Alice