A Caravan, if operated correctly, will make you money.
In regards to weather in IFR for them, here in Canada, they are operated the same as a twin.
I think its within gliding distance of land, 25 NM must have life jackets, and 50NM a life raft for the regs here.
Carry more than a navajo, same speed as a navajo, break down less than a navajo, and have less moving parts than a navajo.
The profit made between overhauls is much larger than on a navajo.
I know that in the time that I have spent in them, I have never had one go mechanical on me.