If you mostly just want to tow tubes and do some skiing/wakeboarding then you're great. If you want to surf then you can't do it unless you get the new Volvo Forward Drive.

I/O's have some advantages. You can change the prop easily in the water, you have great control of trim, and you can raise the motor up enough while still maintaining steerage to get yourself out of shallow water jams. Most stern drive boats have deep V hulls so they handle rough water very well.

Besides regular maintenance on the engine, which you should be able to do yourself to save cash, you need to make sure the outdrive is maintained. Keep a regular service schedule and you should be good. Learn how to winterize and you will save yourself a couple of hundred a year.

The other thing you need to change out every year or two is the impeller. You can save a lot of money if you learn how to change it out. Always carry a spare.

Since most I/O boats do not carry ballast your steering cable should be good for many years if you make sure it's greased every year or two. If steering gets stiff change out the cable ASAP.