What's the best strategy for snow birds

[Luke Monahan]

My parents are heading to FL for a month this winter. They are considering becoming snowbirds, but I don't think they would go more than 3-4 months a year. There's a lot up in the air and I was hoping there were some best practices or insider tips for making a good investment. I'm talking to a few friends for an agent, but nothing official yet. 

Ideally, I would split the property with them. Let them use it for the winter and try to rent it for the rest. I assume I'll have to do short-term (are those still alive?) rentals in that case. The FL market is not familiar to me, I would want to be in a complex with some shared amenities. Do they have on-site property managers or are they all third party?

Does anyone have any good resources for me to start on?

[Shawn McCormick]

@Luke Monahan. I'm in Orlando and that appears to be where you are thinking. purchasing a home to only use a few months can be challenging, plenty of people do it, but there are some things to consider.

If you are planning to buy in a 55+ community, you won't be able to STR it almost 100% of the time unless it is some obscure place. But almost every one of them that is decent with golf and other amenities is going to have rules in place to not allow that. Most will even have to have a long term tenant go thru an approval process. I have two listings in 55+ now and they wont' even allow a sign in the yard or open houses, typically very controlling HOA's.

We have no shortage of 55+ communities from low end mobile home parks to high end golf resorts (think The Villages), so budget and location will play a key, but lifestyle should also be considered. Most tout as 'active adult' and have lots of programs and a calendar full of events each month. So how they like to spend their time should play a role, not just viewing it as an investment. 

Typically, these won't appreciate nearly as well as other 'regular' neighborhoods, but they are generally all quite well maintained which really helps when resellihg. If you have a choice, try to be on or near the golf course and or clubhouse for added value. 

Hope this helps, let me know if I can help in any other way. Best of luck!