Re: 'vacation rentals'.. Son has beach house in Port A and condo in Playa.. Pretty much keeps them rented year round.. Think he said it took him about four years to pay off both of them with just rental income...
He lives in Austin and is getting married...AGAIN..LOL ... needs a bigger house. Put his nice house on the market yesterday morning...sold it last night for his full asking price. Course..now he's gotta find a new house..The one he's looking at has been on the market for something like 450 days...so he might have a little wiggle room with the owner...LOL
If you make it a pure rental...quite a few good things happen. Check with your tax man...but you can depreciate it, maintenance is a write off (lawn mowing, repairs, etc), "make ready" after a renter leaves, insurance, taxes, rental fees to a realtor. There is some rule that you can't stay in it more than 10 or 12 days a year....but I won't tell if you don't! LOL
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