I'm in Canada and if you put 20% down or more, you don't have to pay it and it is pricey.

Paying too much from the outset.

Today, we've returned to reality, which is, you've got to work vacation rentals for them to really pay off. 

As long as you're able to partner with a local manager you can trust, such as @Gabe Chase and @KiKi Wood, I would highly recommend investing here!

He was being foreclosed because at least one of his tenant wasn't paying and he couldn't afford the mortgage. 

DetailsPurchase price: 1.1MReturn (IRR):11.86% per yearCapitalization Rate:5.45%Total Profit when Sold: $1.16MHolding period: 20 years5% down (so that I can take maximum leverage)mortgage rate: 6.7% 30-year fixedVacancy: 5%Management Fee: 8% --> I used this only for calculation but as I will be staying there, I plan to self-manage it.Cash flow: negative $1500 --> My primary job pays decently and I can manage this and have 12 months of reserves.

Remember, the value is just what a buyer would be willing to pay for it and technically, there is no way of knowing that for any property, unless it is for sale on the market.

Don’t skimp on screening or you will pay for it.

@Samuel Coronado My experience with building lot purchases is they’re usually only worth what you pay for them once.

get the ball rolling with the first one and trust me you'll find a way to get that second property. good luck