Vacation loan considerations

[Josh Dean]

Hello! I am looking to buy my first short term rental using a vacation loan. I know about the general requirements of 1. staying in the property some of the year 2. good credit 3. less than 45 dti. 

I would like to hear of different topics I have not thought of but have a few questions. 

1. Am I prohibited for renting it out as much as I want, even if I am staying in the home part of the year? 

2. is there any tax drawbacks I should be aware of?

2. Will I be able to refinance this property without issue?

3. Is it common for the irs or the mortgage company to pursue legal action if for instance the property is mostly used as a rental instead of residence?

Thank you all! any help is appreciated.