My family of 5 live in California, have a ton of equity in our home, are heavily invested in the stock market through IRAs and other investments and are considering purchasing a rental property in Kauai. The resort comes with on site property management, we understand their fee structures along with many of the other costs outlined already in this community. Super helpful by the way. Based on our analysis, the property would very likely be cash flow positive for us over the duration of the 2nd mortgage but it's a close call and we're getting down to the gnats eyelash in our analysis.
We plan to spend 7-10 days a year at the vacation property. 'We' is my wife, my 3 children and me. That's usually about $4,000 in airfare to get there and back. Can we deduct all of that or just one ticket?