Keep in mind the place will no longer be yours. No matter your vetting process, dirtballs will eventually infiltrate and mess up the place, either big time or small time. If you are good with this and have an adequate repair/reserve fund on hand to handle the issues/repairs when they arise, you will be fine. I bought my first beach house when I was 25 and rented it out to “friends” AND RELATIVES the first year of ownership. I swore I would never do that again, with the some of the relatives being the worst offenders. Not all visitors, but many. (And you think you know people. Ha, just rent to them and find out!) It’s just a lack of respect, but I still made money when I unloaded the place, bought a bigger and nicer place, and didn’t care if it sat empty for 5 months. A few years ago, I picked up a nice home near my daughter’s college, as a rental for her to stay in with her friends. I did not worry, as the kid would police her roommates. It worked out well, but I think having a drill sergeant on the premises helped. But I knew, based on experience, it would never be “my” house. 3 years later the kid graduated, the house has almost doubled in value, so I am stuck with it, as if you sell it to try and buy another, you are just going to overpay. So, it is now my house again, and we are upgrading a lot of stuff. Moving forward, a renter will never see it, but I tell you the prices they get during all the race weeks being a mile from the speedway I have a revenue generator if I ever want to turn it into a full time VRBO. I imagine the Ozarks is the same in the summer. Heck one week rental during the Daytona 500 would cover half the mortgage for the year. Bottom line if you are renting it out, that’s great. Make a lot of money but remember, it will no longer be YOUR nice place.
Just don't buy near Wendy and Marty Byrdes place, and avoid the Missouri Bell Casino!
