I think I would look at a land contract or short sale as well. You can still do a credit check with land contract just as renting, and the buyers then pay for taxes and home owner's insurance, lowering your costs, and possibly allowing you to take less per month. Customary down payment in this area for land contracts is 10%-20% of the purchase price and most are only 15 yr. It may be a better deal for you to go that way. The other thing you may consider is doing time-share or weekend rental with the home if there is any lake attraction to it. I know here where I live in Osseo there are several lakes within a short drive that have fishing/swimming public access.
In this area the only second homes really holding their value are the lake homes. Good luck with what you decide!... more