Apologies if this ground has been covered before. We currently own one rental and are considering another one in the not so distant future. Rather than have a renter, I have toyed with the notion of getting a small condo, furnishing it, and renting it out as an Airbnb instead. A nearby set of apartments were converted to condos and typically draws about $600-$650 in rent. Rented out as an Airbnb for $60 a night I could bring in about $1200 if rented for 20 days a month. It is situated close to two large plants (Altria and DuPont) who very likely have people staying for weeks at a time, so I see the possibility of getting the road warrior into a place like this. I would have to pay utilities, Internet, cable, etc. and would estimate my costs to run about $800 a month for a property like this.
Has anyone else gone down this path? Has it worked out for you? What were your biggest challenges along the way?