Posted by Roundhouse on April 26, 2004 at 14:18:40:
My parents bought one in St Augustine FL.
worked out real good for them, they bought it about ten years ago for $54K, was the cheapest condo in the oldest complex on the beach.
built in 74
the rent and tax deductions combined made the payments, the units are now selling for $160K
vacation rental is in many ways better than residential rentals, IU have been at their house when the mgt calls, and says “Mr Condo owner, the cleaning service says a coffee cup is missing, would you like for us to charge the guests for it?”
just be wary of the mgt renting your unit and keeping the $$, this happened to one of their friends that owned a unit in the same complex, someone wanted to rent it , and instead of the owner just doing it, the owner referred the renter to the mgt office, but never got paid for it. they rented it and kept the $$.