Looking at Vacation Rental options

[Jason Blythe]

Hello all! I am very new to BP as this is my first post, but I am certainly looking for some advise. We are currently looking to invest in a Vacation Rental w/ a peak season of 8 weeks (currently all booked) and 2 additional weeks booked outside of peak. We do not know the historical rental of the home at this point. The current booking would cover the mortgage and expenses for the year, but NOT the insurance or taxes. 

The catch is that there would be about 150K in instant equity at time of purchase and we could use it for ourselves in the off season. In our situation this is ideal as we also have a photography business that is more than business on peak season and we would not be able to enjoy the lake house anyway so why not rent it (maybe TMI). 

I guess my question is, from an investment perspective, if there is additional income and even if we break even on Mort/taxes/insurance from an investment perspective, is it worth it? From out perspective we could enjoy it a bunch and have it be paid for, but we are also on the fence on the investment. Any advice would be great!