Buying a playhouse isn't a game.

Economic market conditions shifted in vacation home buyers' favor in some regions of the country last year, just as the traditional winter weather season took still more heat out of the second home and resort markets.

But that doesn't mean vacation home buying is a breeze.

Just ask some late-to-market speculators who lost their shirts as the last boom faded. Other investors saw their cash flow become cash slow as speculators fled. Still others made buying mistakes that put their second shot at the American Dream, physically out of reach.

Buying a vacation home as an investment or rental property requires the same careful forethought necessary for any investment as well as professional assistance where warranted.

"Read up on the subject so you'll know what to expect. Doing plenty of research and making an educated decision will keep your vacation home dream from turning into a nightmare," says Christine Karpinski, director of Owner Community for HomeAway.com, an online vacation home rental marketplace.

by Broderick Perkins