Possible 1st "deal" (?)

[Bill Nolan]

Hello BP I have been on site, forums, reading and listening actively for 6+ months and interested and started educating myself 15+ years ago. I would like to become a buy & Hold investor and can at current time purchase some property(s) with cash. However finding deals, family comitmints, working full time (60+hrs), life in general, blah blah blah....I'm making excuses...I have not pulled the trigger on anything. So here we are....I recieve a call from my brother where we have a mutual friend who's parents are thinking of selling their duplex (3/2 each ski chalet) in Michigan UP. It is turnkey, which I like. we would both own a unit, we would be able to use it as we with and "rent" to both small and large groups. It comes fully furnished and maintained...which we both see as needing anywhere from $2500 to $8000 on updating depending on how far we want to go which includes known CapEx. Now this is manaanged, maintained, cleaned and has low taxes, by a local group, Big Powderhorn Lodging Association whom previous owners have been with for over 10 years....anyone have any experience? BPLA takes 30% for each night's room rate which in high season is ~$200/night. currently waiting on historic booking rates for past 5 years. My wife is on board, which to date has been a hurdleas she is more risk adverse and sees this as a second home for us when we want it. I like the scenario as a first "deal" ...I am in with a trusted partner, it is cheap, it is tuenkey, and i will hold for 15 yrs with the option to use for personal time.nt Please tell me yours thoughts and any pitfalls I am missing.