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Each of these three types of rental arrangements require getting answers to specific questions.
Long-term rentals are what you may think of when you consider rental property investments. These are properties that are rented out for one year or longer typically. There are different property types that can qualify as long-term rentals, including single-family homes, duplexes, townhomes, condos and apartment buildings.
Short-term rentals, on the other hand, are designed to be rented a few months or even a few weeks at a time. For example, you may purchase a home that’s located in a popular vacation destination and rent it out to tourists in week-long blocks. Or you may purchase a condo in a busy urban area and rent it out weekly or monthly to business travelers.
Turnkey rentals are similar to long-term rentals, in that they’re designed to be rented for longer periods of time. The difference is that a turnkey property already has everything in place to generate rental income. For instance, you may purchase a turnkey rental that already has renters in place and a property manager who oversees rent collection and maintenance.
How Beginners Can Make Money Investing in Rental Property
Aside from understanding what your options are with regard to
This Best Practice includes
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