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In my opinion properties well suited for vacation rentals have:A great location for touristsNear outdoor / recreation destinations (beach's, ski resorts, etc.)Near nature (on a river, lake, ocean, etc.)Or perhaps a great location for business / corporate housing (Downtown, near major companies, etc.)Decent demand year-round (If it sits vacant 40 weeks out of the year you would be better off with a long-term tenant).Great amenities (WiFi, TV, Furnishings, Linens, Coffee, small appliances, etc.)Accept credit card paymentsPool / Hot Tub is a nice bonusOutdoor space at the property (Deck, balcony, patio, BBQ area, etc.)Pet friendly (not required, but will get you more interest)If your property seems to meet many of the above characteristics it is probably well-suited for a vacation rental.Some major differences you will need to figure out (compared to long-term)Who will do routine housekeepingHow will you get the guests moved in and out (lock box, in person, etc.)What laws govern your locationsWhat tax implications (bed tax, reporting, etc.) will you have to figure outHow much extra will you need to charge to make all the above worth it.

You will be required to to sign an "identity of interest" statement that looks like this:"I hereby certify to the Department of Housing and Urban Development(HUD) and Wells Fargo Home Mortgage, that I/We do not have anidentity-of-interest with the seller of the property.

I know of a specific program available only to certified financial planners that is a subscription based product where they can plug in every detail of all assets and liabilities and then put in anticipated inflation/appreciation/annual rent increase/maintenance and increases etc. and then forecast out to any point in the future and see your projected cash flows, retirement accounts, debt balances, net worth etc. - basically a tool they use to then sell you on why you should buy their given shiny financial product of the day.  

Stating you will occupy a property would require that you certify in writing to the lender that you plan to live in the dwelling for 12 mos in most cases (any program with 5% down on units is likely an FHA insured loan which requires 12 mos owner occupancy after closing). 

They naturally seek warm areas in the winter, and can squeeze through any crack that's larger than a dime in diameter.  

We are working on a property near Port Orchard and had the property pre screen by a certified septic planner to make sure that it could handle a septic system. 

@ReeseWood I would check InspectorSeek.com for InterNACHI-certified inspectors in your area.

Eventually, this will all be second nature to me, but at the moment move out procedures are used rarely enough that I don't know what steps to take in Quick books automatically.  

At least 1200 words per page but preferably 2000 naturally written words with no grammatical errors.