BD Miller Group

Who doesn't love the idea of collecting rent on a home in a beautiful vacation-friendly location -- and visiting for free when there aren't any guests? It's a lovely concept, but there are several "hidden" costs to owning a vacation home that your daydreams don't encompass.

The nice thing about buying a home that you plan to make your primary residence -- even though the search and transaction processes aren't always a cakewalk -- is that you know what you like. When you buy a home to fix-and-flip or buy-and-hold as an investor, though, it's…