Beginner: Vacation Rental Coastal Carolinas Questions

[Valery Mora Kepley]

I have always wanted to own a beach house, and I am hoping that by investing in a vacation rental I can make this a reality. I have a few questions, as I am still researching feasibility.

Is it ideal to form my LLC prior to purchasing my first rental?

How much should I expect to put down? 

Are mortgage rates different for investment properties?

How do you determine the market for a rental? Is looking at VRBO and calendars a decent way to assume average rents? How do you know if a new rental in the same location will have similar rents? Isn't it possible that highly booked properties have an established clientele?

Is it worth it to purchase a condo that will have positive cash flow if it is in danger due to beach erosion?  What happens if your property gets condemned? Does insurance have a role in this instance?

For those that manage their own properties with VRBO and housekeeping, how do you deal with the minor complaints from a distance (3-4 hours away)? Things like broken coffee pots or ceiling fans?

I have many more questions. Thank you in advance for reading this, not thinking I'm an idiot, and hopefully replying with helpful information!