Turning my childhood home on the lake into a rental property - need advice

[thinkxingu]

Other than the complexity of your plan vs. selling outright, there are two other concerns I'd have:

1. Putting YOUR money into a family endeavor. That complicates the finances in terms of ROI distribution, ownership, etc. (beyond the initial complications you already address).

2. The reality of making the level of money your father is looking to make via renting. I'm not sure what a three-bedroom home on the lake would rent for, but it would only fetch "premium" rates for a couple months a year, and the rest of the year—the coldest/most energy demanding—would be empty or much less lucrative. After subtracting taxes, maintenance, repairs, cleaning, and management fees, the money just might not be there. I mean, a single replacement roof could possibly wipe out a year's rental profits, right?

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