Short-Term rental of a spare room or guest suite

Tourists, business travelers, visiting relatives of locals, and people in town for events, hospitals or universities.

Nightly rate plus a cleaning fee, booked through listing sites or your own booking page. Weekly and monthly discounts can fill quieter periods.

• Friendly, clear communication
• Keeping a space spotless
• Basic photography and listing writing

• Local permit, registration or zoning rules for short-term rentals; some cities limit or ban them
• Whether your homeowner's or renter's policy covers paying guests; you may need a specific short-term rental policy
• Lodging or occupancy taxes and sales tax registration, which vary by state and city
• HOA rules, lease terms or mortgage conditions that may forbid short stays
• Privacy and safety: smoke and carbon monoxide detectors, secure locks and clear house rules

Startup costs are typically estimated at around $500 to $4,000, depending on how much furnishing, preparation and equipment your space needs. A room that is already comfortable and clean may need less than a converted basement or backyard unit.

Estimated monthly revenue is typically around $500 to $2,500, depending on your location, the season and how often the room is booked. You may need only about 4 hours a week to start, depending on how many guests you host.

Check local permit, registration or zoning rules, since some cities limit or ban short-term rentals. Also check whether your insurance covers paying guests, lodging and sales tax requirements, and any HOA, lease or mortgage restrictions on short stays.