There are a lot of extra responsibilities when owning a second place, ESPECIALLY if money and time is tight. Who will landscape/plow, how quickly can you respond to a repair need, will you have the repair money ready, etc. etc. Add to that the next level of responsibility with renting--insurance, finding/screening responsible renters, cleaning/preparing for rental transitions, etc.
As for the property itself, if it's under $200k on the water on Winni there might be hiccups: needs a ton of work, not a great water frontage, seasonal, association, etc. Some of those might not be issues for you, but all would limit how easy/often it could be rented, how much you could charge, and what it might cost for maintenance.
And, at the very end, is a doubling of the complexities in your life. To me, that's a double whammy if cash strapped.
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05-21-2017, 06:03 AM
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