Help with creating an Income Statement and Balance Sheet for a vacation rental proper

[Tom Brown]

Hello everyone,

I'm considering investing in a vacation rental property in Spain and I would like to create a projected Income Statement and Balance Sheet for the next 5 years to help me better understand the financial aspects of this investment.

However, I'm not sure where to start and how to properly format these financial statements. I've made some attempts, but I'm not confident that they are correct or complete.

I was hoping that some of you might be able to provide me with some guidance or templates on how to create these statements. Specifically, I would like to know what kind of items I need to include in these statements for a vacation rental property, such as revenue, expenses, assets, and liabilities.

Attached to this post are my current attempts at an Income Statement and Balance Sheet. Any feedback or help would be greatly appreciated. Thank you in advance!