Out of state vacation rental

[Daniel Cejas]

Hello,

My wife and I would like to purchase a out of state vacation condo rental, to use as a investment and to use for family vacations.. we have been looking at mrytle beach and gulf shores locations.. depending on the location and size we could pay for a unit cash but may need to have a portion financed. Just looking for any advice from anyone who does out of state vacation rentals. How did you go about financing, how did you find a property manager or do you manage yourself, how has your experience been, has it been cash flow positive? We are aware it can be difficult to manage out of state properties, especially with high turnaround of renters and also the HOA fees.. any advice or challenges you can recommend to avoid is greatly appreciated