If you were gifted a nice sum of money that needed to be exchanged into a rental property where would be your desired location and wants?
I’m thinking a vacation rental I could use on occasion. Something I could turn over to a management company not vrbo it myself.
Im very familiar with the headaches of owning rental property.
I think Near a body of water would be at the top of my list.
Hawaii. Anywhere with ocean view and walkable beach access
I know it’s more expensive than other places but for investment purposes being in the us would simplify things enough to compensate for us. Plus my parents met in Hawaii
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I think the first decision would need to be whether you want a place close enough to drive and use frequently (could be a nice perk to use when not rented) OR if you want occassional fly-to vacations for your own use.
For me, near a body of water would be quite appealing. Extra space for family to join would also be nice.
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If you can swing it… Honua Kai. Or Ko Olina. 
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I would pick a place that is within a 2 or 3 hour drive. There are two reasons.
One reason is that something will go wrong. At some point the septic will back up or a roof will leak or a tree will fall down or something. You will need to get there to fix it or to supervise whomever does fix it. I suppose that a management company could handle this part.
There will be weekends when no one rents it. You will want to just drop by for a couple of days to get a change of scenery. If nothing else you might want to do this right before or right after the rental season. This is a lot easier and cheaper if you do not need to book flights.
I would also pick a place that is either near or preferably on either a lake or an inlet of the ocean. Ideally I would want it to be sheltered enough that it was possible to have a dock or a path to the water where a person could launch a canoe or a kayak. A short drive to launch the canoe or kayak at a public beach would be okay also.
Even if you do not rent it out I think that having a vacation property is a nice hedge against inflation and a nice place to go for a quiet weekend.
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USA? Some know my perpetual answer: coastal Maine. Not the more touristy areas.
San Diego. NYC. It could be DC.
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I would choose somewhere in or near Whitefish, MT. The area is beautiful and has a good sized regional airport nearby in Kalispell. There are outdoor activities year round, so you can expect consistent rental income. Did I mention it is beautiful there?
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Coastal Maine would be my first choice as well.
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I would pick Naples, FL - post-COVID, of course.
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When we rent places the view is the #1 consideration (along with price, but we willingly pay more for a great view). We rent all over when we travel, so pick somewhere you like - just be certain it has a terrific view.
For us, we like BIG water with bonus points if it’s on a beach, but as I said before, there are times we rent elsewhere so unless you like BIG water, stick with what you like.
We will likely soon be in a similar position and are considering places in the Caribbean because that’s where we think we want to snowbird.
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Cocoa Beach. 45 minutes away, but worlds away. Seriously considered buying, but then found a very reasonably priced rental for 2 summer months every year. Large balcony, great view. Been renting for 5 or 6 years. Definitely my happy place. H, not so much.
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I would prefer a lake in Maine to the coast. More affordable and you can enjoy more time in/on the water. There are so many incredible places in this state. Glad we haven’t been overrun yet.
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Accessibility by car would be my top consideration too. We have family who haven’t been to their vacation home in 9 months because of covid.
For me, I’d want mountains and water. Skiing in winter, kayaking in summer.
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Dream locations: Nantucket or St. John Usvi.
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As a Georgia resident, I can tell you we are annual Hilton Head Island rental customers. We should have purchased one to rent ourselves 34 years ago when we moved here but didn’t have the money then…if we made what we make now, then - we’d be in gravy. Oh well. Any decent facility or home stays rented full time from Spring Break through September and then on the holidays as well, even though it does get chilly/cold in the winter, you can still walk the beaches. Definately make it in one of the plantations (i.e. Port Royal, Palmetto Dunes, or my favorite is Sea Pines but you will pay more).
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Lake Tahoe would be our dream location. The combination of skiing in the winter and beaches in the summer is hard to beat. But property is incredibly expensive nowadays, especially with all the refugees from SF. Spring 2022 might be a better time to buy when some of the people who moved full time during the pandemic decide that the winters are just too snowy for them.
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I love where I live (Colorado) and have found a town ~3 hours away from my house that is perfect. Sweeping mountain views, beautiful lake, and nearby skiing. We rent a house there for a week in the summer and in the winter but would love to buy our own place.
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I would love Jackson, Wyoming. But the home prices there are some of the highest in the country. I think Teton County has the highest number of millionaires in the country. So any house that would suit me is in the 2 to 3 million dollar range.
Overrun. Lol. DH figured early that some places are too accessible for too many.
When we first started going, he saw rentals in Central Coast were less $$. (Downeast mag pointed out that, say, NYC to Kennebunk is 5 hours. That’s far enough for some. They weren’t driving the extra 2 hours to Rockland or Camden.) That was then.
But home prices? Can be crazy. And the coastal regulations are tough.
Not very practical, but I would pick Moab, Utah
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