I would advise you to look for a house instead of a condo.Condos have many fees, rules and can have expensive assessments for repairs and improvements that you will be forced to pay.Also Condos are a dime a dozen so the competition is fierce which drives the nightly rental rate way down.

Just to update this post, appfolio has done a ton of improvements. we are using it now, we have close to 700 investors and we have had ZERO issues with it.

This can help offset costs and improve your financial position.Cash Flow- Calculate all expenses related to both properties (mortgages, property taxes, maintenance, insurance) and ensure you have a positive cash flow.Vacancy Rates- Factor in potential vacancies when estimating rental income.

However once we started making improvements to the property, the idea of converting this to a STR (like the one we did a year ago), started to be a consideration.

I've thought about property mgmt. but I'm having a problem deciding on whether or not giving up 10% of gross income to cover the cost of mgmt. is worth more than convenience of improving the proximity of another location closer to my primary and easier to continue managing myself.  

I joined believing the community was here to help its members make such decisions, (smartly), and in some cases, partner together to improve the probability of success (and learning for the newbie!).

This is why both presidential candidates are talking about the need to reform housing regulations on the campaign trail.Construction Innovation: A Call to ActionIt seems that innovation in the construction technology space, and thus labor productivity, is an area for significant improvement.

And with that, get's to reno places, improve, and than reset rents higher.

Real estate investing can be a great idea for several reasons:Potential for Appreciation: Over time, properties often increase in value, allowing investors to build wealth through appreciation.Passive Income: Rental properties can provide a steady stream of passive income, helping to cover expenses and generate cash flow.Tax Benefits: Real estate investors may benefit from various tax deductions, such as mortgage interest, property taxes, and depreciation.Inflation Hedge: Real estate tends to keep pace with or outpace inflation, making it a good hedge against rising costs.Leverage Opportunities: Investors can use financing to purchase properties, allowing them to control larger assets with less capital upfront.Portfolio Diversification: Real estate adds diversification to an investment portfolio, potentially reducing overall risk.Tangible Asset: Unlike stocks or bonds, real estate is a physical asset that you can see and manage, providing a sense of security.Control Over Investment: Investors can influence property value and income through renovations, management decisions, and property improvements.Building Equity: As you pay down a mortgage, you build equity in the property, which can be accessed later through refinancing or selling.Community Impact: Investing in real estate can contribute to community development and improvement, positively impacting neighborhoods.These factors make real estate investing an appealing option for many people looking to grow their wealth and secure their financial future.It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

Consult a Mortgage Broker: Working with a broker who specializes in investment properties can help you find the best financing options and streamline the process.By being well-prepared and informed, you can improve your chances of securing financing for your vacation rental investment.