Thanks all. That is why it is such a tough choice. We most likely would NOT want to live in the place after being a rental property for 8 years, but again, who knows. The question for me is, are we better off investing that money monthly in tax free bonds, or other investments rather then having the expense of the second home, and possible costs involved, late tennants, repairs, no occupancy, etc? I think maybe I am too nervous to take the chance when we need this money to grow over the next 8 years, since we have remained relatively stagnant the last 10 years in our portfolio.As you hinted, the real question is what is a reasonable expected rate of return for your real estate investment? If you can answer that question, then every thing else falls into place.And if you are looking at real estate as an investment rather than a place to live (which you are, for now) then there is really no reason to limit yourself to Palm Springs. You can invest in real estate anywhere that makes sense.
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