Renting Out A Second Home Is No Vacation

Many property owners aren't aware of the potential risks associated with the booming short-term rental industry.

First things first for financial advisors with clients who are renting out their second homes: Make sure they get paid for the entire season upfront, not month-to-month.

Americans are getting out of town in droves this summer, with 64% planning to rent vacation properties. Unfortunately, many first-time rental property owners aren't aware of the potential risks associated with the booming short-term rental industry.

Seriously, ensuring a clean short-term rental transaction is far from a walk on the beach. There's a reason why the FBI's Internet Crime Complaint Center reported that real estate scams, including those involving short-term rentals, resulted in nearly $400 million in losses for almost 12,000 victims last year.