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Depends on how hot the market is in local. I agree about talking to a good realtor that works the area. They should have a pretty good idea of where you need to price to sell it quick.

I am not sure about where you live, but here in British Columbia you can get the recent tax assesment for any property online (Google Search - BC Assessment). If you have something like that available for your area, it will give you at least an idea of what the government the property in order to assess taxes. Of course, that may not be what the property is actually valued at in a buyer or sellers eyes, but it is a starting point.

Assume a buy and hold strategy, at least for the next few years. With that said, even though there may be problems overall, there is always a housing market that is growing.

In Vancouver BC, the market has been hot for years, and it still climbing (last year 15% appreciation).

I agree with a lot of the posts above. Finding a partner with some experience would be benficial.

The other thing, is make sure you have a backup plan if things don't go as planned. It seems like renos always cost more, and things always take longer to sell then what you have planned.

Anyone that has made more money then they have lost (lol)

This is a tough one. Things can seem so good at the beginning, but yeah, if things start going sour the home is the first thing that get's caught up. Especially if there are kids involved.

Better be sure before you marry her, and of course, you could always get her to sign a prenup. The only thing is, just asking her might cause her to walk away...

Definitely lots of stuff to think about.

The property I am thinking about is a Westin in Blue Mountain Ski Resort Ontario and is managed by Intrawest. They seem to have a pretty good track record, but yah, I need to do quite a bit more research I think.

Thanks for the tips

Close to where I live, there are quite a few condo hotels and it seems like people have done well with them. Although the revenue isn't that great, if you get a good location, and a good management company behind it (ie. Westin, Hilton), the unit should appreciate.

Of course, the assumption is that all the old leases were no longer valid when you took over the unit. Are you obligated to honor the old leases until they actually expire (assuming that they are more then a month long)

Hi there,

Located in Vancouver BC, Canada, a hotspot for insane investments right now.

Prices have sky rocketed in the last few years, and the price of a detached home in Vancouver is approaching 700k (ouch)