You can do this with almost any business, as long as you are bringing in the clients, leads, deals and etc..

Shaun Shaun,I am a "specialist" and currently a business owner of a design and drafting company in CT. 

Of course don't go there just looking for business, you go because you believe in whatever the group is doing. 

However, be mindful of the Section 461 business loss limitation, which could restrict your ability to deduct excess losses in a given year, depending on how your rentals are reported.This post does not create a CPA-Client relationship.

Being a broker myself, I can attest to the incredible value you can bring to clients by understanding not only the brokering side of things, but the application of those funds. 

Some investors also use a business line of credit backed by their cash flow, which can help with future deals.If you’re planning to scale, maybe start stacking that cash for the next property or even park some in T-bills for short-term returns.

Additionally house tenants bring more of their own appliance, like refrigerator, washer and dryer; which means tenants are responsible for repair and replacement of their own appliances. 

That's why I would never had a business partner.

So if you are in a 30% combined tax bracket you get an additional $3K due to write offs.If it is a rental, you can write off the business expenses and the depreciation on the non land valuation. 

A great lake front home doesn't have to cost a mint but it sounds like you want something that is really fantastic which will bring a higher nightly rate.