Unfortunately, while I would consider breaking even to be a profit, I would need it to be cash positive.
It's doable to be extremely cash-positive, especially if youre in a desirable area in a touristy town. Our experience has been feast/famine however. So you could run into a cash-flow issue on down months if you aren't careful. But that's sort of the draw/gamble with Abnb/VRBO, higher rates when booking, but less dependable cash-flows vs. long-term renters.
That, coupled with hazy laws concerning Abnb/VRBO, requires that you are either financially flexible, or have a good back-up plan if new laws get passed. Abnb is absolutely perfect for us because we don't
need the money, just use it as a nice excuse to pay the mortgage, or some % of it, every month.
Also, if you're not going to be living nearby, be sure to factor in hiring a cleaning company between stays.