Questions & Answers On: Owning Vacation Rental Property
From "Questions & Answers On: Owning Vacation Rental Property":
Vacation rental property is residential property rented for vacation, leisure, or recreational purposes for fewer than ninety days to persons who have a permanent residence elsewhere to which they intend to return. It does not apply to rentals to persons renting a dwelling unit for business or employment purposes in a temporary basis.
A written "vacation and rental agreement" is required. The agreement must include a clear and conspicuous notice to the tenant that the Vacation Rental Act covers the rental, that you or your agent may disburse a portion of the rent before the tenant occupies the property, and that you may evict the tenant using an expedited procedure. Before you enter into a contract to purchase the property, the seller must inform you of any rental agreements affecting the property.