if you are an avid skier, have a family that skis and want to always ski in one place might be a lifestyle choice with some perks (less planning, less competition for accommodations, able to leave your stuff there).

@Eddie Starr - Your choice of entity depends on your business operations.

I think you made a great choice!

Example would be as follows:$1695 - Amount tenant pays for rent$152.55 - Property management fees (9%)$1542.45 - Amount paid to myself$1469.02 - Mortgage payment$1500 - Amount I pay for mortgage (I prefer to round up just to pay a little extra on the principal)This leaves me with the $42.45 profit from the property.I'm not sure how to buy in an additional market (or even go looking for one for that matter) where I could purchase an additional property for income purposes.

As an owner occupant you may prefer to have fewer renters in the community (hence many of the restrictions) but if you find yourself in a position of wanting to rent it you'll think very differently.

Looking to find rentals in my area, preferably near colleges like you said @Paul Timmons.

Obviously, over time, the property should slide solidly over to the preferred side on both of these.

If you are serious about the property, find a local structural engineers that specializes in residential construction and preferably rehab.

The homeowner's insurance agent is your choice)POSSIBLE APPRAISAL REVIEWOTHER:OTHER:OTHER:OTHER:TOTAL ESTIMATED LOAN COSTS:$1,666.00TOTAL ESTIMATED PREPAIDS:$1,440.09TITLE/ESCROW ESTIMATED FEES:FOR IMPOUNDS ("ESTIMATED NET FIGURE TO BE COLLECTED"):SETTLEMENT/CLOSING$2,000.00HAZARD INSURANCE3months @$100.00TITLE INSURANCE (REISSUE FEE)$800.00=$300.00TITLE CO.

Equity gets a preferred return of 8%, then I get a developer fee of 6% of costs, then all add'l upside is split 50/50.