Secondary/Vacation Home as STR

[Ivan May]

My wife and I are looking into purchasing a secondary home or vacation residence in the South Florida market. We live in Austin, TX currently and are looking to make another real estate investment.

My question is if anyone has purchased a secondary home with 10% down and utilized the property as a STR when not utilizing the property for self use? I've heard that this can be illegal or mortgage fraud, but have also heard that it is absolutely fine as long as you occupy the residence for a period of time. My wife and I work remotely and plan to spend any where from 1-3 months a year at the property.

Looking for any insight or to get in touch with some experts who are familiar with this.

Thank you

[Kevin Ross]

@Ivan May

We purchased in September about 15 min from Disney. It came fully furnished, with rentals already in place. We used the vacation home, 10% down option. We use it as a vacation home so that's 100% honest. It's rented far more than we use it, so it's making us money! We close on our second property in FL this week!