In Illinois want to buy home in FL to use for rental income

[Debbie Woods]

I plan to retire in about 6 years and would like to buy a property on the Florida coast that I could use for rental income until I move down there to retire. I have no experience in real estate. I've bought two homes in my lifetime! I've done a little research and found that it would still be considered a rental property with IRS as long as I spend 14 days or less occupying it myself. That would work since I would only be able to go for spring break and over the Christmas holiday. The forums look like a great resource for knowledge in this area.

[Wayne Brooks]

@Mindy Jensen Non residents pay the same as local, non owner occupied, no up charge.  You simply don't get the $50k value exemption, and don't get the 3% annual cap for assessments that owner occupants do.