Looking for Guidance - I Want to Obtain a Property and then List It for Short Term Rentals

[Steven1415]

Hello: 

I am looking to purchase a property somewhere along the west coast of Michigan, prefersbly Grand Haven, South Haven or Suagatuk, for the purposes of renting it to vacationers.  I know that there is software for purchase that helps with the financial analysis of such a venture.   But I'd like someone that could be available to answer questions with regards to the financial feasibility.  I'd also like someone who can Gide me with things such as engaging a local property manager, how to set up the business entity, i.e. do I form an LLC, property and other insurance, legal rental agreements used in the locale, etc.  

I think that this can be done via e mail, phone calls, TEAMS or virtual meetings, etc.   I am sorry but at this time I am not able to pay someone for this help.  

I'd like to get a property under contract in March or April 2023.  

Thank you for your consideration, I hope to hear from someone.  

Steve 

[Helen3]

Hello @Steven1415 

1. If you are not in a position to pay for expert advice I am sure there is lots of government advice in your country on what setting up a business entails.

2. You can do your own market research including putting together a profit and loss budget with projected outgoing and income. You need to check if there are STR regulations in your area.  You need to check whether your property has an HOA or lease restrictions against STR. You can read up on the useful free guides on this community around setting up your STR business on Airbnb.

If you can afford to invest in a property which is a huge commitment costing many thousands, then it's probably worth you investing in paying a local cohost to help you set up your listing