"It must be beautiful and relaxing, but it also needs to be safe -- from man-made or natural disasters. Trying to create an attractive rental from the property you buy that is sitting on an eroding cliff overlooking the ocean just won't fly, no matter how beautiful the view. Ditto if the potential for flooding from high tides or rivers is present," said Amanda Sturges, director of operations at Escape Homes, a San Francisco Bay Area online clearinghouse of vacation rentals and industry services.

"Also, the location needs to be popular, but not that popular. Most people don't want to be inundated with other vacationers, if they can help it," she added.

"People love to step out on a deck and not see anyone or anything except a great view. Even if the only view is the vast sky, the feeling people get is expansion and relaxation," said Sturges.

"Furnish the property to accommodate kids with not a lot of breakable knickknacks. Buy a property in a community that caters to families, meaning there are swimming pools with lifeguards, (even at ocean sites, because the ocean is often too rough for little ones), playgrounds and an abundant supply of babysitters," said Sturges.

Watch for, say, retirement properties that restrict younger visitors. Conversely, if you seek to rent to couples play up quiet, seclusion and the romantic aspects of the property and location itself, Sturges added.

"The next thing to look at is the demographics of the local visitors. Check out the Chamber of Commerce website to see who they are targeting. If it is primarily conventions, then a 1-bedroom property might be a good rental. If they are targeting families, you want two or more bedrooms," said Christine Karpinski, a real estate investor, author and director of Owner Advocacy for HomeAway.com, formerly WVR Group, a network of vacation rental listing websites.

"Sometimes, this takes a bit more digging to determine what vacationers want. For instance, I have found that cabins in the Smoky Mountains have a difficult time renting if they do not have a pool table. Colorado visitors like a hot tub and like to be on the trolley line for the ski slopes. Some vacationers want off-street parking where parking is tough," said Karpinski.

"Knowing who will want to rent your vacation home and then buying based on their demands, rather than just your own family's demands, will make it much easier in the long haul when you want to rent that property out," Karpinski added.

"A nice option is to own a few closely connected condos where individual households can stay. Groups also usually need a gathering place of some sort, like a reception room or clubhouse that can be reserved for a function," said Sturges.

"Many people are working part of the time they are away. It allows them to extend their vacation without having to take as many vacation days. WiFi and broadband Internet is one of the hottest net trends for rentals" said Marvin Floyd, general manager of Vacation Rentals By Owner a do-it-yourself vacation rental website.

"One of the important issues of renting a vacation home in a private golf, tennis or equestrian community is to know, beforehand, the additional club fees that renters need to pay for access to the club's facilities. Also, renters need to know the limitations of facility use, which typically is far less than for property owners," said Elisabeth Miller-Fox president of PrivateCommunities.com, a portal for renting and buying homes in private and gated communities.

Sturges says to buy a property with well-defined recreation activities and advertise it with your listing.

"It is a boon to include perks with the rental -- lift-tickets, golf fees, tennis rackets, snorkel equipment, etc.," she suggested.

"I think this is really an overrated 'want' as most people don't travel with their pets," said Floyd.

Sturges says when pets are permitted, part of the rental has to include a substantial cleaning allowance.

"A property that is pet-friendly is usually on the ground floor, not on a busy street, and perhaps with a good fenced yard. If you are planning on buying a pet-friendly property, it is a good idea to have wood floors rather than carpeting," said Sturges.