Vacation Rental Management

[Chip Marchand]

Starting to explore the possibility of buying a beach house and renting it out when we’re not using it. From what I’ve read, the prop mgmt fees tend to be much higher for many reasons. Is there a certain rule of thumb such as the 1% rule when evaluating vacation homes or a certain cash on cash return % to shoot for? Anyone have any good tools/spreadsheets already developed to help evaluate vacation homes? any other advice is appreciated.