If you won't be using your vacation home for much of the year, you may be able to rent it out by the week or even by the month, especially if it is located in a popular vacation spot. Rental income is a good way to help pay your mortgage when the property would otherwise sit empty.

If you are buying a home with the idea of renting in mind, look for homes with features that will make the property more attractive to other vacationers. Multiple bedrooms and bathrooms will be a plus. The location will also play a large part in determining how much money you can command for it — something close to the town center or near the local tourist sites will have a lot of appeal to out of towners.

You will probably use a local real-estate or property-management company to handle the details of finding renters, collecting payment, house-cleaning, and the like. This will make the process easier and more hassle free for you.