I am looking at this as a cash flow play and would like to know if this neighbourhood has the potential for rental hikes around 3 to 5 percent in the next 5 years?

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

If you don't understand the implications of this, you should likely not be a buyer.That said, James, as you know I play in the big pond.

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

Decide which game you want to play.

There may be other things I'm unaware of that come into play as well- taxes, liability laws, etc.  

Just realize you are playing a game that can come back and bite you.  

He plays for his school.

Once you nail down how to play in the same market then you can get creative to find new marketing methods that are unique (or even guerrilla tactics).Start by asking people in your network that you think would likely fit your target audience what they do when they're looking to book a multi-family vacation home.Qualitative research then turns to quantitative, so gather ideas from your wealthy friends then do some try them out and be sure to ask any leads/guests "how did you hear about us?"

My opinion would be to watch this play out.