Need advice on potential rental home in Florida. Sinkhole concern
Here is my story..... I sold a rental home in Chicago area last year. (I am by no means a seasoned investor.) I have an opportunity to buy out other half of a vacation home in Florida. Here are the figures: Original investment on my part was approx 33,000. I would need to pay another 55,000 to buy it out. The home would get approx 125,000 if sold. It could rent for 1050 per month. Not by the water, 2/2. 1115 SF. My hesitation is it is in Hernando County, an area known for sinkholes. If I buy it and rent it it is possible that a sinkhole could develop. As you know that would mean a devaluing of the property. So my quandery is do I rent it out or should I just take the money, sell it and look for a rental elsewhere? What would YOU do and why?