Crazy people that we are, we bought a lake house last month. My in-laws have a sailboat in Kentucky. As a result, we often find ourselves visiting. I don't like to sleep on boats, though, and I was tired of the rental scene with uncomfortable beds and laminate kitchen countertops. So, we bought a place to make our own.
Since we will only be at the lake house one or two weeks a year, we opted to buy a place which is part of a rental complex; technically it is a condo. When we are not there, the management company will rent it out and keep an eye on it. We don't expect to make any money on the rentals, but it is nice to know that any leaks or other issues will be managed by someone (since we do not live nearby).
We got a good deal on the property, but that was primarily because it needs a lot of updating - new hardwood floors, new carpets in the bedrooms, a kitchen refresh..... Since summer is prime rental season, we aren't renovating yet, but plan to get to work in the fall. In the meantime, I am gathering decorating ideas and making plans, which I will hopefully catalog here.