Possible house purchase

[Joshua D.]

My wife and I are interested in purchasing a home to use as a vacation rental (short term rental). The home is in a prime location in terms of what rents locally, and my wife runs a vacation rentals company which does very well.

We don't currently own a home and this would be our first home purchase. It is a 3 bedroom/2 bathroom home that is located in a prime rental location. The owner is asking $149,900 for the home. By the way, this home is for sale by the owner.

What is the best way to purchase a home? Does this number seem a high number for the home we've described? Also, are there things that we should consider before going through with this?

Jordan