Rent in Bay Area + buy vacation rental elsewhere?
Advice sought! My husband and I cannot afford to buy a home in the Bay Area. Well, we may be able to stretch and get a small condo or a fixer, but it doesn't make financial or practical sense to us at this time (we have a good, stable rental in a nice neighborhood, and anything we'd be able to buy would likely be significantly more expensive AND in a less desirable area). We have managed to save a small chunk of money and one of the things we have considered is buying a vacation rental that we can use as a family and also rent out as an AirBnB. Our goal would be to own a (hopefully) appreciating asset that we can also enjoy, and at the very least break even or come close in terms of the rental income. We'd even consider relocating there permanently down the road. We'd be looking in the Sierra foothills most likely, where we'd have an easy drive to the snow. Has anyone done this? If so, any advice for what we should be thinking about? I don't really know where to start thinking through the financial, tax, and other implications of a decision like this. Curious if anyone else has considered something like this, or done it, and how the experience has gone for you. Thanks!