Renting a vacation home directly from the owner can help you cut costs, gain more space or privacy, and live like a local, especially in exotic places.

Whether you're looking for a ski chalet that sleeps 24, a beachside cabana for two, or an apartment in New York or virtually any other city in the world, it's out there -- and thanks to the Internet, it's easy to find. 

You can rent just about anything, anywhere, at most any price point. Indeed, per person, rentals can be cheaper than hotels, and you may save more by making some meals yourself.

Of course, there is some risk involved. You may have to mail a check or provide a credit card number to a stranger. There's the possibility that unexpected events, misinformation or miscommunication could ruin your vacation. 

There's no way to eliminate those risks, but you can minimize them by following these four rules:

1) Google away.
When you search for rentals, leave no (virtual) stone unturned. There are any number of rental Web sites out there, from worldwide to local, including the including the "vacation rentals" section of Craigslist.

The best site may well be HomeAway.com, but that firm now also runs Vacation Rentals by Owner, Vacation Rentals and CyberRentals.

There are hundreds more, but the sites above allow owners to post availability calendars, photos, and descriptions in a format that allows for easy comparisons, and all include traveler reviews. Read them all, then take your research a step further. For example, check Zillow to get an idea of the property's value, and head to Google (GOOG) Earth to check its surroundings.