Of course, if you have low risk tolerance then this is the wrong business to be in anyways.... :-)

Another strategy is looking at short term or mid term rentals thats one way to cashflow but it does take more work as your basically running a hotel business but once you figure how to automate things it will get easier at least thats what the short term rental investors tell me lol.

- Should I source a consultant or some sort of assistance to devise a business plan?

We purchased it for the purpose of rezoning to commercial and expand our existing business model (workspace rental for people in the creative field).

This includes family vacation homes, business property, etc.  

My wife is a super busy realtor so I took over those duties years ago..

So long as the home you own is not your primary place of business, you can rent it out for up to 14 days and not report that income on your individual tax return.

The market is booming in both the business and real estate sectors.

To qualify as a real estate professional for tax purposes, you don’t have to own or work for real estate businesses or have a real estate license.

It has turned into a business for me.