Need some advice! Acquiring a Waterfront Vacation Rental.

[Wayne Ulias]

Are there any investors out there that have experience with investing in a waterfront vacation rental property in New Jersey Shore area? The budget is $1M towards purchase, closing costs, etc. 

What's a good ROI?

What are the pitfalls/windfalls? 

Any Taxation advantages/disadvantages? LLC?

What type of permits are required? 

Basically, this is my first venture of this type and I could really use any practical and constructive advice that anyone has to offer.