Should We Turn Our Second Home Into A Vacation Rental?

[Penny Clark]

So we bought a second home in the Pioneer, Ca area thinking we'd move there in a year; however, things changed with certain family obligations and so we're stuck staying in our current home. Thankfully, we are able to absorb some of our costs by renting out the other house on the property but we're still in the hole  several hundred dollars a month. We're thinking of turning the second home into a vacation rental because it has a great view of the forest below and we do have the cash to do all the necessary renovations (We have already installed a new well and put on a new roof and have already bought supplies to redo the flooring and paint). 

Should we sell and cut our losses or give it a go and try renting it out as a vacation rental so we can enjoy it on a part-time basis?

Any thoughts or advice you all have would be appreciated!

Thanks!