I think it really depends on the property. In my opinion properties well suited for vacation rentals have:
- A great location for tourists
- Near outdoor / recreation destinations (beach's, ski resorts, etc.)
- Near nature (on a river, lake, ocean, etc.)
- Or perhaps a great location for business / corporate housing (Downtown, near major companies, etc.)
- Decent demand year-round (If it sits vacant 40 weeks out of the year you would be better off with a long-term tenant).
- Great amenities (WiFi, TV, Furnishings, Linens, Coffee, small appliances, etc.)
- Accept credit card payments
- Pool / Hot Tub is a nice bonus
- Outdoor space at the property (Deck, balcony, patio, BBQ area, etc.)
- Pet friendly (not required, but will get you more interest)
If your property seems to meet many of the above characteristics it is probably well-suited for a vacation rental.
Some major differences you will need to figure out (compared to long-term)
- Who will do routine housekeeping
- How will you get the guests moved in and out (lock box, in person, etc.)
- What laws govern your locations
- What tax implications (bed tax, reporting, etc.) will you have to figure out
- How much extra will you need to charge to make all the above worth it.
