Strategies to monetize vacant family house

[Grant Vincent]

Anyone have any takeaways from your own experiences that may apply? Creative strategies, wins, nightmares are welcome.

Nuanced situation. Context:

A house on our family farm is soon to be vacant. My extended family still operates the farm surrounding it.

Renting out as a long-term rental, STR, or medium term rental seem to be obvious strategies; however the family is exasperated from the previous tenant, an aunt w mental health issues who has lived there for free since my grandparents died. Also, they can be a bit fussy about minor issues impacting their farming operations…reasonable people, reasonable gripes, but a bit tunnel visioned about operational stuff…small but legitimately annoying stuff like unintentionally parking somewhere that blocks their equipment ingress/egress; driving too fast down their long gravel lane, which makes dust, throws gravel out of place, leads to potholes that become rain puddles, and legitimately increases the $ they have to spend on gravel. Classic examples of important farmer stuff town people don't think of…

I have no ownership interest in the property. I visit the area 3-5+ times/year and have been looking for creative strategies, including STR, to invest there that could offer lodging for my wife, kids and dog when we visit.

I’d really like to come up with something that makes the the owners some $ and keeps the house from being neglected. They don’t need the money but would like to keep the house from falling apart.

Any ideas?

[John Underwood]

Just properly screen your next longterm tenants.