On a lake?

I'm looking to put a lake house into the short term rental market. 

The Airbnb guys are killing it 12 months a year, between ski resorts, water parks, lakes golf etc.  

Then it has a great view down the lake and is one of more expensive lots. 

Way back in the 90's in Salt Lake City.The issue and problem with Fire damage properties is . 1- I am sure the city is involved with complete up to code with everything. 2- Most contractors will charge you almost double to deal with the city up to code and    the mess of the fire, water. etc.3-Most the time a engineer needs to access the property and even their report can cost thousands.Do you have it tied down?

Purchase price: $314,000 Cash invested: $10,000 Its a duplex located in Lake Worth, my girlfriend and I live in one unit and rent out the other.

Hi Prashanth, I agree with Lake's answer but wanted to contribute some about STR's - my answer deals mainly with Oahu as each county in Hawaii differs somewhat on how they handle STR's.  

On the other hand I have two lake properties in MN.

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Make sure you look at the same size property, in a very close to area (not crossing any county, State or City lines, or any main natural boundaries (R.R. tracks, rivers, lakes, large parks, main roads, freeways, etc...).