Here's a link you may find useful. http://www.foxbusiness.com/personal-finance/2013/08/07/tax-rules-on-renting-your-vacation-home/A word to the wise, however, vacation rentals or "Air B&B's", the new trendy cliche of the day, are not always the most desirable investment for the unseasoned investor.

If you're in East Lake, it's city of Atlanta, trendy, high taxes but the Drew Charter Schools could be a draw for the right family. 

They have lots of trendy stuff at reasonable prices.

Ditto what Jason said, both your zips are outside the pricey and trendy "City of Decatur" (its zip is 30030). 

Littleton covers everything from Roxborough Park (suburbs - SFRs), to old Downtown Littleton (trendy urban - MFRs/condos), to more working class neighborhoods with apartment buildings.What type of property are you looking at for your first investment?

I live in a trendy part of Indianapolis downtown and the rent is projected to be $2000 to 2200.

It's becoming a trend. I

I dig the buy and hold strategy to capitalize on this trend. I

Just yesterday, I stood in line for an hour at a tiny hip restaurant in a very gritty neighborhood where a few feet away a trendy vintage clothing store opened along with another tiny retail store targeting millenials.  

They (a couple) stick to a neighborhood (not trendy areas, but descent working class/being gentrified/peri urban) and simple buy, rehab & rent.