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In recent years there has been a surge in the number of people purchasing a second home to be used as a vacation home. The majority of vacation homes are located near lakes, ski resorts, or along coastal areas. Some people have purchased second homes to be near other family members (especially children or grandchildren). According to the reports I've read, this is in large part thanks to the baby-boomer generation and low interest rates.
Buying a second home for many people sometimes means taking on a second mortgage and some opt to treat the vacation property as an investment by renting it out part of the year. Dozens of websites dedicated to assist you in finding renters for your second home have popped up on the Internet. Owning a vacation home does not come without additional responsibilities. Below are links to some articles that go into further detail on the different aspects of buying or owning a second home:
Do you own investment property in Florida? It's important to remember that tenant screening when trying to rent out your real estate investment properties can be fraught with potential liability. Major risks include violating federal acts such as the Federal Fair Housing Act or the Federal Credit Reporting Act. The Fair Housing Act identifies seven protected classes: religion, national origin, race, ancestry, sex, familial status and disability. The Credit Reporting Act requires that if you turn potential tenants down you are required to provide them with a written notice explaining why they were turned down if the reason was to any extent based on their credit report.
To reduce your liabilities and increase your odds of getting good tenants for your Florida investment properties, consider using a property management company or an objective third party (such as a screening company) to handle the screening of your tenants.
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In recent years there has been a surge in the number of people purchasing a second home to be used as a vacation home. The majority of vacation homes are located near lakes, ski resorts, or along coastal areas. Some people have purchased second homes to be near other family members (especially children or grandchildren). According to the reports I've read, this is in large part thanks to the baby-boomer generation and low interest rates. 
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