(Isn't that ironic?)

These people may know of owners who are tired of being landlords and on the fence on selling.I think the more irons in the coal the better, so why limit yourself to one agent/broker.Best wishes...

Dear Members,Does anyone know of an Illinois RE Attorney who is an expert on HUD contracts, and has the ability to craft iron clad contingencies for Wholesaler contracts?

In my opinion properties well suited for vacation rentals have:A great location for touristsNear 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 paymentsPool / Hot Tub is a nice bonusOutdoor 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 housekeepingHow will you get the guests moved in and out (lock box, in person, etc.)What laws govern your locationsWhat tax implications (bed tax, reporting, etc.) will you have to figure outHow much extra will you need to charge to make all the above worth it.

Im a noob to investing, though I do know my way around a RE contract as I had been a licensed Realtor in the past (ironic right?). 

If the system is that old there will probably be tree roots grown into your drain field, old rusted out iron pipes and a host of other problems.

@Jay Hinrichs  It is true, he would give that 1/2% back on the travel, but the travel to Memphis would be an eye opening experience in that John would find out that Memphis BBQ is better then Carolina BBQ. :)That is worth a 1/2%.

Ideally I'm looking for a < 5% IR on a 15yr fixed. 

@Jose AlonsoThe completely numbers-oriented answer is to utilize your Mom's place, but that has some negative lifestyle aspects to it.I think you'll want to iron out the lifestyle questions first.

The property that I am renovating has a lead pipe trap going into a cast iron drain pipe.My contractor said it is in good condition,  and we should use it instead of messing with it.Any advice from BPers with a little more experience?