Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

Remember to save some money for capital repairs.

What action are you planning to take to get started?

Some other factors to consider - How long are you planning to hold this property?

Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.

Your father-in-law will want to minimize his tax liability on the capital gain and think about how the sale fits into his estate planning strategy.

Would love to hear what you’ve got planned for the future.

Hey @Megan OConnor, I can't comment on the area specifically but it is doable.You need to search AirBNB and VRBO to get a look at the competition (don't forget to look at VRBO)You have to work into your plans the downturn during the off season.

Even to them I say, "Well, I wish you found us first and saved 40-50k, however, use what you bought and make millions. 

Maybe I even pick a 4/2 floor plan to eke out some more rent.