Thanks, all of you, for your insights and tips. There`s obviously a lot of homework I need to do before taking the plunge --- which begs the question whether or not I will even do it.

I have always had the dream of owning some oceanfront property in the Caribbean or the Tropics. Ideally, a property management company would be in charge of renting out the place while I am not there. This way, it would actually generate some income. I have heard many warnings about investing in...