If you're an owner of multiple properties, you clearly aren't occupying more than one at a time. Unless you have family members or friends always staying in the others, you are left with a home, apartment, or condo that is going to waste. If you're looking for some extra income, you can turn that unused space into profits by turning the property into a vacation rental. Managing a vacation rental doesn't work for everyone, but if you and your property meet a few criteria, there is money to be made.
First, the property you are considering renting needs to be in or near a place people want to visit. If the property is located near a lake, state park, theme park, or other sought after destination, then you're in luck. You can attempt to rent out property anywhere, you'll just have more luck with a better location. For example, Pentwater vacation rentals are close to popular Lake Michigan beaches, so renters won't be hard to find. A rental in an average suburb will be harder to rent to vacationers.
You also have to be willing to put in a little work upfront. While your property may be suited to your tastes, you'll have to adapt it to suit the average vacationer's tastes. This may mean modernizing the styles, upgrading air conditioning, buying new televisions, and setting up wifi. These are amenities that potential renters are looking for, and they can give your rentals a leg up on the competition. Making all these changes isn't easy, and cost quite a bit of money, but if you're willing to make the investment it will eventually pay off.
Once you begin renting out your house, you'll either have to perform occasional upkeep, or hire someone else to do it for you. For example, if you're not living in the home you'll need to hire somebody to take care of the lawn. You'll also need to list the rental, keep track of bookings, and handle the financial transactions. All of this should only take up a couple hours a week, but if you want truly passive income, you can hire somebody to do it for you.
If your property is in a good location, and you are willing to put in the time,effort, and money, you can make the most of your unused properties, and help people have enjoyable vacations while you're at it.