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.