Analyzing a "Condotel" Deal

[Kim Rock]

I am considering buying a "condotel" unit.   Most of the time these deals don't work, but this one does for me.   We own another vacation rental currently where I manage the day to do, do the bookings, coordinate the cleaners/handymen etc and it takes a good chunk of time that I don't have to do for another property.   This condotel is involved in the rental program at the hotel, and even with the 22% taken off the top it still would turn a small profit (assuming 25% down payment).    The seller is willing to sell to me with a December closing for 470k, or an April closing for 485k.   (reason being, the rental season is summer, so if I buy in the dead season he is willing to sell for less since no rental income is coming in).    The pro for buying now would be the ability to lock my rate and not worry about rates increasing between now and closing, and of course the lower price.    The con would be no rental coming in for the next 6 months (aka 24k out of pocket to carry the unit through those months).    Thoughts on this?