So the property is worth between 1.1 and 1.2 million, my dad could give it to me for between 800 and 900k, I would more than likely put 20% down. He wants to keep it in the family so I would most likely hold it forever.
The house is located on the lake and is a 3 bedroom 2 bath home. It has a dock, boat slip, and a place to park jetskis. If you look at lake steilacoom its a great place to fish, do boating activities, and kayak.
My ideas would be to add a hottub for winter bookings, the house has 2 living rooms and I can easily turn the 2nd living room into a bedroom and bath, this could be done later not all at once.
I was thinking I could even buy a boat and rent it out in the summer as well, or jetski's
My Dad is very handy and wouldn't mind being the handyman and fixing stuff or taking care of guests if needed he would do it for minimal cost or free.
The lack of comps makes it tough to determine what revenue will be, it is legal to do airbnb in the area just no one is really doing it on the lake.
