Bought our house with a commercial mortgage. the rate is higher, and not allowed to live there. Converted to an LLC and rent it out in Marsh Bend. We visit every 6 months to clean, maintain it. Managed by a local PM. . have not been profitable for two years due to rental cancellations in high season, travel and covid restrictions, but did well on two several month rentals while waiting for their houses to be completed.
Just got out first full winter season rental for next year, 2023, Jan - Apr. . but that will still not break even with the PM fee, even with no mortgage unless there is a rental waiting for a house being built. . .
When we were deciding, the TV rental company said that the estimated annual rental on a seasonal is between $10K and $20K, which so far has been accurate. So being interested in rental property is great, but if you don't do your breakeven financial analysis with your marketing strategy, you might only cover your expenses, and be buying high while waiting for an optimal exit price.
Each property is unique, so YMMV
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