I am an absentee landlord as of last DEC (2007). The total costs I have spent so far...( I have a 3BR Wisteria designer ranch house) Electric 577.00, Gas 200.00, water/sewer 577.00, telephone 239.00 lawncare ( incl mowing and all spraying which you have to do here) 685.00 (that was paid all up front for the lawn stuff.) .. We are using the villages prop mgmt and it has been wonderful. Most of the renters have been on the Lifestyles preview tour and b/c of that , our home has not had hardly any wear and tear at all... We did not get it ready for rentals until 3-01 so missed out on the "high season" of Jan, Feb..The total (net) rental income after cleaning costs and prop fees that include when we have been down, equal...$ 4600.00 so far. When you go down as a "renter " in your own home, you have to pay the 20% fee that they would normally get. That way you stay within ALL guidelines for a rental property in the eyes of the IRS and can go whenever you want and as much as you want. That Part was VERY important to us. If you just rent out on your own, you have to be careful.IRS rules state that you can only go down to your property 14 days or less for "Maintenance"...Anyway, I hope all this helps as I remember how much stress it was figuring out what to do. ???We still have our home up north here and bought because we love TV..I say go for it!
Especilally now while the prices are so reasonable..We have not regretted it. The rental income has not paid the moprtage at all but as you can see, is covering everything else. The added plus is their is no long term tenant AND TV property mgrs check on your place at least once a week and stay in touch with you..Good Luck and I hoped I helped!