Vacation rental in a unit you own

Vacationing couples and families, visitors for weddings or events, and business travelers who want more space than a hotel room.

A nightly rate plus a cleaning fee per stay. Income rises and falls with the season and how well you price and review-manage your listing.

• Quick, friendly communication with guests
• Organizing cleaning and check-ins
• Basic photography and listing writing

• Local short-term rental permits, registration or night caps, which vary a lot by city and county
• Lodging or occupancy taxes and sales tax registration, check with your state and local tax offices
• Whether your mortgage, HOA and homeowners policy allow rentals, and whether you need a short-term rental insurance policy
• Guest damage, noise complaints and neighbor relations
• Slow seasons, so don't rely on peak-month income to cover costs

Startup costs are typically around $3,000 to $15,000, depending on how you furnish and equip the unit. Monthly revenue is estimated at about $1,500 to $7,000, depending on your location, the season and how often the unit is booked.

Check local short-term rental permits, registration or night caps, which vary a lot by city and county. Also check lodging or occupancy taxes and sales tax registration, plus whether your mortgage, HOA and homeowners policy allow rentals.

Plan on at least about 5 hours a week for guest messages, cleaning and check-ins. Monthly revenue is typically around $1,500 to $7,000, but slow seasons happen, so don't rely on peak-month income to cover your costs.