I am not invested in the area you are looking at, but I do own a lake front property in north Idaho.Buying a lake house isn't much different than any other house.

We did not do our due diligence regarding the HOA rules and found out after purchasing that we are not allowed to do short term rentals. 

If there is not invoice, then that should be the end of it. 

@Bryce Nurding it sounds like you have a solid plan. 

The rental income ideally should cover your expenses, such as the mortgage, taxes, and maintenance, while also leaving you with positive cash flow.Refinance: After the property is stabilized and generating income, you refinance it with a traditional mortgage.

I’m a first time home buyer looking for more learning opportunities to grow my portfolio and connect with others doing similar things.

My feeble mind is having trouble figuring out the best way to pay for it all.

We do have an umbrella policy in place for all of our properties but want additional protection.

It looks like it might need to be redone, but the contractor assured us he'll just take a grinder to it and it will "look good" at the end. 

Has anyone signed up to the Out of State Investor Academy, and if so, how do you like it?