Buying property and an RV, and using it as a vacation rental

[Mike Schoeffel]

So I wanted to get everyone's take on this idea. I recently inherited $80K, and am considering buying a piece of property in Florida (St. Pete area or the Emerald Coast) and an RV/Airstream/Tiny home and renting it out as a vacation rental. I'm hoping to pay cash for most everything: at most, I may have to take out a $20-30K loan.

This is my first foray into real estate investing. Does anyone see any issues with this plan?

[Jon Crosby]

@Mike Schoeffel  First off, my sincere condolences on your loss. 

I would have a different answer to this if you were further along your investing path, such as looking at all the pitfalls of owning and operating a depreciating liability like a financed RV.  Hookups, fees, etc. etc.

But you just came into a pile of money that somebody left you to hopefully improve you and your family's future, and I don't know if using it all to invest in an unknown business venture that you have zero experience with would be the most valuable use of that money.  Sorry...don't mean to sound like a parent or anything here : )

If you are super passionate about this type of venture, I would find some like minded friends or family to share this investment with so that you only contribute a small part of your inheritance to it. I would then put the rest of that money in a stable investment (can still be real estate of course) but something more dependable, predictable and liquid.  If the RV thing turns out to be a hit after a few years, well then you can convert your stable investment capital to other RV projects.  But if you put all this money into this one deal and it goes bad...you have nothing.  

Best of luck to you and once again, sorry for your loss.