Vacation property with out personal funds
After reading Rich Weese posts on here, I've got to assume that investing in vacation hot spots (such as Cancun) can give real estate investors a lot of extra value in a deal.
I'm interested in purchasing waterfront homes on either lakes or rivers in the Texas area, as well as condos in Mexico or Costa Rica.
Can anyone chime in who has been involved in this type of investing?
I would think you would want to set up seprate LLCs for each property and buy within the LLC. Reading from Rich's post, you can visit the properties to make sure they are in good condition and take a deduction for your visits.
Is there a time frame that these type of properties must be rented out / leased out for them to qualify? Can anyone provide more information on this?
Looking for ideas on the subject,
Danny
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I built a guest cabin for cash on my ranch where I live, so it's a little different. It's brand new and I've had a couple finish out issues that are finally taken care of. That said, it is starting to get booked. I have 32 nights reserved between now and mid-July. A promising start.