So what’s the difference between this and buying a traditional vacation rental location in Las Vegas, Orlando or some other typical vacation location?
My understanding is that the owner can’t stay at the property more than two weeks if they claim it as a rental property on taxes. Isn’t doing this on Airbnb subject to the same condition?
Make sure you're not violating any zoning codes, condo/co-op regulations, or any other legal restrictions that might prohibit you from running an apartment rental business like this.
Personally, I think it's only a matter of time before more and more states follow New York's example and file lawsuits against companies like Airbnb. If that happens, your investment may be at risk.
As a board member in a complex in Golden, CO; we had to threaten legal action on an VRBO using owner. We have a 6 month minimum lease restriction.
However, good luck finding decent units outside of LV, that will pencil out this way. LV is on sale. In Colorado, our condos are 300 per square foot, so 50K gets you 167 SF. In other words, a walkin closet.
bflr
I checked into airbnb before renting a vacation apartment. Was not impressed and used VRBO instead. Not a fan of paying the highish fees.
That said, glad it worked out for you.
For further research.
Absentee land lording isn’t all it’s cracked up to be. This guy is heading for a real disaster down the line.