Many buyers of second homes consider renting for all or part of a year to help defray expenses and perhaps even produce a profit. Renting is an option, here are some aspects of being a full or part-time landlord that may help you decide. Note that you should always obtain competent legal, financial and tax advice before you proceed.

Estimate Rental Income – Include a realistic estimate of the number of weeks the property will be likely to be rented. Calculate monthly costs such as mortgage, insurance, taxes, advertising, maintenance and projected repairs. A real estate professional can help you estimate the income potential of your property.

Look at Tax Consequences – Ask a tax professional about what how projected rental income will affect your net financial picture.

Research the Rules & Regs – Consult your legal advisor to determine whether local laws, deed covenants, homeowner association regulations or other restrictions affect your ability to rent the property.

Consider Hiring a Property Manager – If you are unwilling or unable to take a hands-on approach to the considerable effort involved in renting and maintaining your getaway, consider using the services of a property manager, especially if you’re purchasing a vacation property that isn’t near your primary home. Your real estate professional can be helpful in identifying a reputable property manager.