Off Market Lake Home to use as VRBO?

[Chris Tamez]

Been awhile I since I came here.  When I initially signed up, I was looking to be a passive investor in a multi family.  I signed up with a local real estate investment group and the few deals I've seen, I was really not impressed  which brings me to my current  post -

We have some friends with a lake house and an opportunity has come up to purchase a home very close to them.  The resident is getting old and has health issues so his kids are going to put him in assisted living and they don't want the lake house.  Providing we can agree on the price, is there anything special I need to consider when purchasing since the property is off market?  I plan on a home inspection and obviously will use a title company.  The home is in very nice condition and there would be no big rehab costs or repairs that we are currently aware of though we have some cash set aside for redecorating for the VRBO.

The idea is to put 1/2 down and mortgage the rest on a 15yr note. We can make the payments if we don't VRBO but I thought that we might as well try to make some money off it when not there and use if as an investment property. The HOA has a private boat launch and park. We also checked HOA and there is no restriction against using the property as a vacation rental. I have also checked other VRBO nearby to get an idea on pricing.

I have already researched prior articles here on BP on VRBO so I am not totally in the dark but this would be our first "investment property"

Thanks for the replies.