Buying a Property as Vacation and Turning it into Rental

[Karla Parraga]

Hello all,

I am planning on buying a property in Daytona Beach. At the beginning I was planning on buying the property as investment. Later it occurred to me that I can I can buy it as a vacation home, while I go visit this Summer and enjoy my first property, and in six months start renting it out as an investment property. My question is, is this legal? At tax time, how is this property going to be treated, as a vacation home (as I initially bought it) or as an investment property? 

Thanks guys! Any link with some good info will be appreciated!