Under Contract. Now What?

[Dana Boyd]

Hello! I have my second short term rental currently under contract. This is one is different than the first because the current owner will be retained as the manager for the first year. Given this scenario, I'm not sure exactly what I need to be doing during this period while under contract. Normally, I would be putting together the floor plan and purchasing furniture, but since the place is furnished and the management is staying place, not sure what else I should do right now. Review the management agreement? Any suggestions? Thanks BP Community! 

[Robin Simon]

Yes, I would look over the management agreement very closely, maybe get an opinion from a lawyer or someone very experienced with these docs.  I've come across management agreements which are locked into place but for example don't have a floor at all, so they technically could walk or disregard duties / bookings and you'd be powerless to replace.   Not likely, but stuff like this is out there