Insurance including liability, hurricane, flood is EXPENSIVE. Could easily be $500 per month or more, and thats just on a small beach box type home. Also, flood insurance maxes at 250K, so any value of your house above that is not protected.

Wear and tear on your property. Much worse with short term renters as opposed to long term tenants.

To deduct expenses/depreciation, the IRS limits personal use to 14 days per year.

CAP rates on vacation rentals aren't usually the best. As an investment, you could probably do better elsewhere.

Short term rentals are a lot of work. Constantly dealing with high turnover, cleaning costs, advertising costs, management costs. Its a constant thing, as opposed to with long term tenants where you deal with this stuff once a year. I've seen some property management companies take as much as 35% in dealing with short term rentals because it is a ton of work, which really eats up any potential profits.

On the pro side, you get a vacation house. My personal feeling on these types of situations is to consider it as buying a second home, and then any income generated is a bonus that helps subsidize your vacation home. I probably wouldn't consider it unless your finances are such that you could carry the cost of the property without renters if need be. If you just want an investment, there are better options and you can just rent for a few weeks.