You should consult a tax professional before considering the purchase of a vacation home or renting out property. You may find IRS Publication 527 (Residential Rental Property) useful….
http://www.irs.gov/publications/p527/index.html
Five IRS Rules For Renting Out Your Vacation Home
The following link also provides some useful tips (tax year 2016)…..
Tips for Airbnb, HomeAway and VRBO investors (tax year 2016)…..
And did you know? The Vacation Rental Act of 1999 requires buyers of vacation rental properties to honor all existing lease agreements that will end within 180 days of transfer.