Vacation properties - any experience?

[Steve K]

Wanted to see what the experiences have been with investors here who have picked up vacation rentals. Searching the archives didn't net a whole lot of results.

If you got into vacation rentals was it for the cash flow or to spend time at a place you like at a reduced ( free? ) rate plus potentially enjoy some appreciation? How was the time commitment aspect of running a vacation destination business?

I know it's property / area specific but in general do vacation properties generally cash flow or is it mostly a break even that allows you to vacation cheaply while vacationers pay your mortgage?

I ask because I've got a specific paradise in mind.