1) Location, location, location
There is ample reason for the common catchphrase that’s associated with great real estate. Location not only determines current property values, but it also determines how attractive the property is for selling in the future. On top of all that, being in a prime spot is key to keeping travelers coming to your rental. If you’re scouting for an investment property to convert to a rental and need financing, a conventional mortgage could be your best bet as these tend to be cheaper, though an FHA loan could be a better option if this is your first time buying an investment property. Just be sure to shop around for the best interest rates and terms, starting with your current mortgage company. And keep in mind that you still have fees and closing costs to consider when weighing your options.