We have several long term rentals but have never ventured into STR/Vacation properties. 

Done deal, saved $40K.Always ask, nothing ventured, nothing gained.

As long as payment of interest and principal are not dependent on the success or failure of your business venture you are fine.  

The problem comes when you start expanding your real estate portfolio and avoid venturing out of your hometown comfort zone. 

So while it may be tempting to venture out from your home base because the numbers look a lot better there are plenty of risks and challenges that will more than offset those perceived discounts and value if not addressed up front. 

@Darson GranthamMost hedge funds who sell owner financing do not record the land contractOf the 150+ I own I would venture to say 30% were recorded

Hope your ventures are prosperous.

@Diane Heidke Your plan about using this property as a first venture to gain experience because of the low risk....is exactly the way I'd look at it if I were you.

(They mentioned starting their own restaurant but I think we all know the success rate of that venture. )Thank you

I would venture to guess 75% of my vacancies have been filled thanks to Facebook and now that number will rise as I'm not paying Zillow or any other site for that matter (mainly because Facebook is superior and free).