I am considering purchasing some vacation properties

[Brandon Collins]

Hello everyone, I recently got my real estate license to have access to the MLS to flip properties, but now I'm considering keeping the fixer uppers I find and renting them out as short term vacation rentals. Because I am in Lakeland Florida, I thought this would be the perfect place since we are directly inbetween Orlando and Tamp. What should I look for, lookout for, and/or consider when buying properties for this purpose?

[Shawn McCormick]

@Brandon Collins I have friends that own STR's in smaller markets including Lakeland, Sanford, Eustis, Casselberry and all do pretty well. The reason is choices, in smaller markets ,there aren't a lot of hotels, let alone airbnb's to choose from. It doesn't have to be super fancy, most people come to those places to visit family, funerals, spring training, family reunions etc so there is definately a market.

Do some searches and see what the competition is doing with decor, pricing, amenties etc. What the nightly rates are and how often they are booked, then work backwards into the property you are looking at and see if they would be profitable after you buy, fix up, furnish, pay taxes and insurance, marketing, cleaners etc. 

I think for the price point, you might be better off doing LTR or Mid term honestly, but due to low competition, STR may be the way to go.

Best of luck!