Vacation Cabin Investment opportunity in Okoboji Iowa

[Travis Day]

I have been recently been approached by family members about purchasing a vacation cabin in Okoboji, Iowa at Bridges Bay resort (www.bridgesbayresort.com) to be used exclusively as a rental/investment property.  There would be 5 families total in this transaction.  Here is the information we have received so far:

It is a stand alone cabin with 3 bedrooms and a large loft area.  It would sleep approximately 12-16 people depending on the furniture we put in the unit.  Purchase price is $264,900 (appliances are included) but we would need to furnish/decorate on our own.  

Below is the email information we have received about what other cabins are renting for on the same property.

I talked to Jon at Bridges Bay Resort today.

He said property taxes on a cabin is right around 1% of the purchase value. So anywhere from $2,200 to $2,600 depending on the style that is bought. The HOA fee is $175 a month which includes snow removal/lawn care/ fitness passes/ and the 6 wrist bands each day to the water parks and outdoor pools which are $15 a piece if you aren't staying on the Resort. He has two open now which are close to the new pool that people are working on getting financing for which if they can't do this week he is going to relist them. He also has another North Bay and a Brown's Bay available by the pool area that aren't spoken for. Otherwise the plan is to build 29 more which 12 will be more the house style Echo Bay and Smith Bay layouts. In the last 7 weeks since the convention center has open they have sold 18 units which doesn't happen he said. If you want he will get me the codes and we can walk through them this weekend. Some renters are getting around $30,000 a summer for rentals and about 30 units are being rented right now.

VRBO is the website the people close to us who own a unit use to list their cabin.

VRBO has a service fee of $250 a year. They also have a $100 booking fee.

Summer rates for their cabin is $395 a night (min. 4 nights) plus $100 cleaning fee

Spring and Fall rates are $225 (min. 2 nights) plus $100 cleaning fee

Winter rates are $150 (min. 2 nights) plus $100 cleaning fee

We feel like this could be a good investment opportunity but feel like there is no business plan in place and don't know where to begin in terms of how much everyone needs to put down and if it would be better to get one loan with an LLC or if each family should secure their own financing. Any other input towards analyzing this deal would be greatly appreciated.