This summer many second-home owners may find themselves playing landlord for the first time. Twenty-seven percent of buyers already purchase vacation properties with the intention of renting them, according to the National Association of Realtors, and with the economy still lagging, more owners are likely to decide this is the year to trade their vacation time for that wad of cash. Tips for snagging your piece of the $24 billion vacation-rental market:

If collecting money and fielding late-night calls isn t your thing, there s always a rental manager, who ll handle everything from finding tenants to maintenance. But the convenience will cost you; most charge commissions of up to 50 percent of the total rent. Sites like Rentals.com list property managers by state. Experts also suggest testing firms Internet search result rankings (better performers will likely attract more renters).

DIY--with a little help

Online rental sites FlipKey.com and HomeAway.com let people list and manage their own properties for an annual fee of $240 to $330 a year. Some homeowners also use the companies just to find tenants, before handing the process over to a property manager, says Douglas Quinby, senior director of research firm PhoCusWright, a strategy that can cut the management commission nearly in half.

Keep it among friends

According to PhoCusWright, 73 percent of leads come from family, friends, repeats and referrals. Facebook application Second Porch is one way to tout your house to your social circle. The basic service is free and includes a public or friends-only listing, though the premium version, which provides options like linking to a YouTube video, costs $99 a year.

Learn the law

No matter how you rent, keep the law on your side. Experts recommend confirming that your insurance policy applies to paying guests and staying on top of maintenance, since rentals that aren t fit and habitable open the door to lawsuits. Jeffrey Taylor, founder of MrLandlord.com, says written contracts with tenants are indispensable: A lot of damage can be done in a week s time.