How many months of not being able to rent your property do you give it before making any major decision? Also, is turning your spot into an Airbnb/VRBO rental a good idea, or is it a lot more work? I've never had any experience in that realm, so I would love your honest thoughts on it.

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I'd give it two-three months provided you have the cash to keep it afloat. Running an Airbnb is like managing a mini-hotel. It requires frequent cleaning, guest communication, calendar management, check-in/out coordination, restocking essentials, and staying on top of reviews and regulations. You'll need to be much more available or hire property management help. I'd stay away from it tbh.

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Have you tried price reductions? There was a period in between tenants where I reduced the rent a couple of times until I found the correct price point.

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You’ll likely spend anywhere from $5k to $20k in furnishings, kitchenwares, and decor to convert from long term to short term. In certain markets, certain amenities are a deal maker or breaker. Other markets are highly saturated. Plus short term rentals are a LOT more work than long term. If you’re prepared for that, it might be worth it. But we can’t run that analysis for you without any details.

A 2 month vacancy seems problematic for a LTR, but again, the details matter. Are you using a realtor at all? Do you have professional photos? Are there obvious repairs or upgrades that need to be made to be competitive? Have you compared your pricing to other properties in your area? Is your market seasonal for any reason?

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