Has anyone done so?  An opportunity has been put forward to invest in a house in FLA. I am very cautious about such ventures.  Does anyone have any experience they wish to share? Or any stories (horror or otherwise) that they can relate?  Any tips? TIA

buying property in Florida

There are so many issues involved.First,there are tax issues.And if you are buying it with someone else,you need to be clear about usage.Then there is property insurance which is through the roof.It's almost impossible to get insurance in some areas. If you need financial help in the US,the banks don't lend money.And with so many properties sitting on the market for a long time,the homes can be filled with mold and mildew and termites and any number of problems.Renting it out can be a headache and the income must be declared.

Take the time to look at the links provided but my advice is to stay away.Anyone that we know who even has the "means" to consider a purchase is not biting.

my cousin bought last Dec. wish I could have talked to her before rather than after.

If you are in the U.S. a certain no. of days, you may be required to file a U.S. tax return.

i.e. 182 days in current year, + 1/3 of the days past year and 1/6 of the total days in the year prior.  It's a complicated formula.

One does need to be careful.

The links will prove useful ( haven't looked at them yet, but will).

I am thinking the same as you Carol...

We owned a couple of properties in Florida back in the late 80's.The problem arises that if you need rental income to keep up the property,then you need to rent out during the desirable months.So then,it becomes virtually impossible to use it yourselves.As I said,you would need a trust agreement on the side to cover all kinds of issues such as if one owner wants to sell or any other reason that might come up.It can really ruin a friendship.I can tell you that from personal experience.

you will have to pay in both countries. If one of you dies, you are liable for the death tax in the States.

Some properties are sold and do not belong to anybody...then what. Some of the brokers who bought the mortgages do not exist anymore. Wait 3-4 years before investing , it will still be there and the sharks will be all bankrupt. Only 5% of those mortgages took a whole country down..think about it.

and never invested in a house. After 5 years in Fort Lauderdale   for business we came back to Calgary.

We needed lawyers in both countries, some friends invested with "Friends" in a villa and  the man died right there in the States..Not pretty at all, they had to sell and half went to the IRS.

If you want to spend your winters in Florida,  RENT..cheaper and less problems. It is the most beautiful state as long long as you do not owe them anything.