Short and Mid Term Rentals
Clients have expressed interest in STRs due to their potential tax benefits and increased cash flow. MTRs are of interest because of potential increased cash flow. We want to support your success, but we also have certain limitations. This blog post clarifies task ownership for STRs and MTRs.
Responsibilities
Below is a table showing who's responsible for key tasks:
STR Client Responsibilities | MTR Client Responsibilities | Fernwood Team Responsibilities | Team Responsibilities |
---|---|---|---|
Qualify as a real estate professional (IRS rules) | Define desired MTR characteristics | Identify and evaluate properties that meet your MTR or STR rental requirements as well as being a good long-term rental | Determine renovation needs |
Define desired STR characteristics | Choose decorative items, furniture, colors, and specify items locations. | Arrange inspections and quotes for all renovation work | Repurpose property if converting to long-term rental |
Verify property qualifies for short-term rental | Order and arrange furnishings to be delivered in coordination with Fernwood team | Receive furniture at property and arrange installation services | |
Choose decorative items, furniture, colors, and specify items locations. | Define item installation locations | ||
Order and arrange furnishings to be delivered in coordination with Fernwood team | Arrange cleaning and other services | ||
Define item installation locations | Market the property to MTR sources | ||
Arrange cleaning and other services | Set up technology for check in and other services. | ||
Manage and lease the property | |||
Set up technology for check in and other services. |
Short-Term Rental Regulations
Below are links to short-term rental regulations for four entities in the Las Vegas Valley. Since MTRs require a minimum stay of 30 days, most cities and HOAs permit them.
- Unincorporated Clark County - Not permitted
- Las Vegas - Limited
- Henderson - Short-term rentals are allowed with restrictions
- North Las Vegas - Short-term rentals are allowed with restrictions