Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.

I love this approach.

They are asking me to call them… see message below:“We are very interested in your property and would like more information, particularly about the proximity of the amenities to the location.

This way, you build income-generating assets first while keeping future options open.

I am an active real estate broker and general contractor here in Memphis and this is a great market for RE investing!

bringing on someone not only fiscally but also with experience in this type of rehab is key, as you will need to write a good scope and budget for the unknowns.

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

So your number of 715k may not be too far off depending on the square footage and also the age of the cabin.For anybody to suggest otherwise without knowing more information on your specific cabin isn't giving you the best advice to be honest. 

This rental income may not be included in effective income. 

Happy to have a conversation as a lot of my clients are international investors in the US.