I am new to hosting, just under 1 week. I haven't hosted anyone yet, but I have 1 booking coming up in a few weeks and a few others interested! I renovated my property and spent a pretty penny on it to change it from 1970s to current aesthetics. I have beautiful brand new modern furniture (Pottery Barn, West Elm, leather sectional). A brand new open concept kitchen with brand new stainless steel appliances. Wood flooring throughout, not laminate and no carpeting anywhere and the restrooms are perfection. It is most definitely the most updated home in the Airbnb community for my city in California.
I got a message from someone who is relocating with their family to my Airbnb city for work and is interested in renting my property for "no less than 1 year". It would be 4 total tenants. They told me where they would be working, they will be opening a new office in the city near the home.
Since we are in California anyone staying over 30 days becomes a tenant, and tenant/landlord relationship ensues. I have previously rented this home to a lovely family for many years, but once they moved I decided to renovate and Airbnb. I am well versed in rental contracts, background checks, deposits etc. for tenants. I was enthusiastic about this Airbnb opportunity as it would allow my family to check in on holidays and not have to rent another Airbnb or hotel. With that said, the reason this opportunity is enticing is it will bring more revenue on a monthly basis. By my Airbnb calculations, the property would be rented out approximately 40% of the year, mostly on weekends. Versus a long term tenant who will pay a set amount. I have a great eviction attorney in the area, that I am hoping I won't have to call.
How do I come up with a monthly rental amount that is fair for both parties since I calculate my rental will be rented 40% of the time? How do I deal with the furniture, decor, bedding, cutlery, dinnerware etc (I haven't done a fully furnished dwelling before)? Does this sound like a scam? What should I look out for? Any pros/cons?