My last three homes I live in, I turned into fully furnished rentals. Just like you, I didn't want the hassles of getting rid of everything - or putting it in storage. I also have 4 other fully furnished rentals. I am fully in the furnished rental business.
I get great returns. I am netting double what I would if I rented it unfurnished.
I also find that the tenants I get are much better. 99% are home owners who are traveling on business. They all have good jobs.
Most rent from 1 to 6 months.
All utilities are included but with caps. All utilities stay in my name.
There are some websites that cater to this. VRBO.com and Homeaway.com (same company). About $300 for a listing for a year. Then there is Craigslist - also good.
I first vet people on their story. If it is some long drawn out saga, I say no.
Rules:
1. Tenant must have a place to go back to - own or rent. Otherwise they can just squat in your place and you are stuck with the bills and no rent. Rental laws don't cover fully furnished places well.
2. Must have a real reason to want a furnished place. Divorce isn't one of them.
3. No pets (unless you had them). Ever. Not even a "small house-trained blah blah". People will say anything when desperate.
4. No more than 30% of income to rent. Remember, they have another mortgage or rent back home.
5. Very cautious on locals wanting to rent. Why would someone want a fully furnished place? They could just go buy some used furniture and rent a place more cheaply. I do rent to people who sold their home too quickly and need a bridge while shopping. Or people who are building a home.
6. Get several deposits. One for damage. One for utilities. And get the last month's rent as well.
7. For rentals 3 months or less get all the rent up front (this is customary in the industry). If they can't come up with that amount they have no business renting a fully furnished place.
8. No large families. Kids are OK - one or two. Any more and the parents can't watch them. They will do all sorts of shit to your property - stuff you don't realize until they are long gone.
9. Go the extra mile to please your tenants. They are spending a fortune to rent - so a few hundred dollars will go a long way in how they treat your property.
10. Depersonalize the house - get rid of everything "you".
FYI: Air BnB is a great service but not for longer term rentals.
You can store your stuff in the attack & garage.
I also figure some of the furniture will need to be chucked out. And the carpet will need to be replaced after 3 or 4 years. It helps if you understand this from the get go.
Let me know if you have any questions.
