Hi @Shannon1015
@Kitty-and-Creek0 offer some very good advice. It's always best to speak to your local governmental agencies to determine what requirements must be met to operate your Airbnb. This could include licensing, registration and/or actual inspection of the property. Many jurisdictions are starting to restrict STRs and may even limit you to a certain number of stays per year, require at least 30day stays, or require the owner to live on the property.
Taxes
Always good to know what taxes apply (both state & local) including any Occupancy taxes. Then ensure that Airbnb is collecting those taxes for you on each booking. This is found under Rules Section; scroll down to Taxes. Airbnb normally collects and pays these taxes in a lump sum annually. Sometimes they do not collect taxes and it is up to the Host to add the taxes themselves and pay them separately. Some jurisdictions require you to provide proof the taxes were paid by Airbnb. Some Hosts keep a spreadsheet of every reservation breaking down the taxes paid in case that is needed. Some printout or save each reservation as a PDF file (save some trees) on their computers and keep a backup copy. Airbnb does have CSV files you can download, but I find them a pain and you have to modify them to a regular Excel spreadsheet to make them useable.
HOAs
If your property is in an HOA, you should have already checked to determine if there are any restrictions for short term rentals in the CC&Rs. Many do not allow STRs. Some allow them, but have specific restrictions on their operation (guests not allowed to park on the street, Neighborhood Quiet Times, etc.).
STR Insurance
It is advisable to obtain your own specific STR insurance. Typical Homeowner's policies do not cover a STR as operating an Airbnb is considered a commercial business and your Homeowner's policy will not cover the Airbnb. I believe State Farm offers STR insurance along with a handful of others. (Proper, CBIZ, Foremost etc.). Be sure to read the exclusions section of any policy (usually buried somewhere in the policy). Many insurance companies mistakenly offer landlord insurance, but this typically does not cover a STR.
Long Term Stays & Washington Tenancy Laws
Be very careful about offering long term stays (28 days or longer). Most states consider a guest is a "tenant" after 28-30days and you will have to go to court to evict them if they decide not vacate after their reservation is up. Washington Law is somewhat ambiguous on tenancy, so I would check into that if you are even considering long term stays. Additionally, Airbnb's rules regarding cancellation policies and payouts are very different for long-term stays. Take some time to review the policies before considering it.
Wishing you much success!
