As someone in the process of setting up a vacation rental, I'm trying to understand how net operating loss works with respect to whether or not the property is considered a "home".Let's say I put $15K into the house replacing the windows with lead paint in them in order to get the house ready to rent.

We are living in Iowa in our modest vacation home and own a condo in the springs which isn’t doing great but breaking even. 

Also, some people end up turning the heat way low when they go on vacation in the winter and end up having pipes freeze then....

In October of last year, I began renting my condo out as a vacation rental.  

I too haven't purchased my first investment yet, but rent out my condo as a vacation rental.

@Chris Simmons This is very helpful...thankfully I'm in not looking in a vacation area!  

I also need a vacation so bad I can taste it. 

For Sarasota and Cape Coral, my guess would be that a lot of these "investor" purchases are actually vacation homes or second homes where the owner is having the tax bill sent to their primary residence.  

I am in Philly and interested in the Poconos (more from the vacation home side). 

Does anyone have a proforma for a vacation rental?