Canadians owning a second home in Florida will find that Short Term Vacation Home Rentals to be a great way to subsides the cost of owning a property. Canadians typically like to spend winter months in Florida, while Americans travel to Florida during summer periods while kids are out of school. A good short-term rental program can be the perfect fit, but it does require some knowledge.

Here are a few pointers to select a property that is desirable to potential short term renters and long term tenants.

1. Speak to local rental agents. Real Estate agents who specialize in rental properties have a clear understanding of what home renters look for in both long term and short term vacation home rentals. Agents who focus on buy and sell of properties often consider rental transactions too time consuming and may not provide investors with the most relevant information.
   
2. Compare prices and levels of services offered by property management companies in the area if you do not live in the same city. Investigate if the agents or companies that specializes in short-term rentals in the area. Making contact with local handyman is essential as rental properties experiences more wear and tear then your own home.
3. Conduct you own research to find out where the demand is. Read local newspaper classified Ads, visit short-term rental websites, and drive around local tourist attractions. This will give investors solid information on what is the most popular, in which area and for what prices. Try to locate a property with at least two attractive attributes such as “view”, “proximity to theme parks, golf course”, “beach side”, “Lake front”, “fitness facilities”, etc.
4. Do not judge a property based on peak season rental income alone. Collect information on off-season rental as well. Investors must balance the potential income gaps between full price peak season fees, off-season discounted rate, and non-income months during vacancies and owner’s self –enjoyments.
5. Talk to an accountant to verify that the income you can realistically expect to receive is appropriate for the home’s purchase price. More importantly, evaluate your financial position carefully to see if you can afford the investment property after all taxes, agent’s fees, maintenance fees, regular property upkeeping and unexpected expenses.
6. If the targeted area attracts lots of senior citizens, one-level living may be the best choice. Avoid homes where renters must climb a flight of stairs to reach the entrance.
7. Look for a property within a reasonable distance of shopping and area attractions. Check to see if it is accessible by public transit system and if parking is available.
8. Find a well maintained home, or at least one that does not need a major renovation. Investors must bear in mind that a Non-attractive vacation property may not generate the desired occupancy rate and level of income.
9. Before buying a home in developments, make sure the restrictive covenants allow rentals.
10. Purchase home insurance and do disclose that it will be used as a vacation rental home. Insurance companies can refuse to compensate the property owner if the purpose of use was misrepresented. Investors must protect themselves against possible damages and accident claims.

Rental properties can be a good investment, taking these simples steps can ensure this process go more smoothly and the return more profitable.