Great this thread got dug out. Please read my numbers before you make any decisions. Seriously, I think from investment perspective, you will lose your shirts if not your underwear..
My parents own a ski condo in the wonderful world class ski resort in Colorado. They bought with cash for $260K. The management company they found is a good one, they only take 25% if they found the customers or 15% if we found the customers. Comparing to the big resort management fee of 50%, that's a bargain.
The family uses the place heavily in summer and fall seasons, but winter time is mostly skiers renting from us. W use about 20% of the time in ski season.
The net rental income after taking out fees, cleaning, etc is around $11K for the last season. HOA is $4400 a year, which includes all utility and grounds maintenance, pool and stuff. So it's a reasonable figure. The resort charges $600 a year because our unit is inside of the 'village'. The property tax was $1160 last year.
And keep in mind, we don't have mortgage at all. So with all that,we took in a whopping $4800 for the year, which is TERRIBLE on ROI. If anyone has mortgage, then, forget it..
You are much better off finding a solid rental near where you live and charge a yearly lease.. Vacation rental may work if you live next to itl and don't need housekeeper or management company...
It's good that my parents bought it with cash and they want to leave it for the family and kids and never thought it as an investment.. If I were having that money, I'd do something different with it.