Creating a lease agreement for Airbnb and short-term rental hosts
TLDR: I'm a buy and hold investor. I have a unit I'm interested in renting out specifically to people looking to do rental arbitrage. What should I included in my lease to make it fair on both ends?
Long Version:
I have a 2bd/1bth on a desirable part of town that I think would do good as a short term rental. Unfortunately, I have no desire/interest in doing this myself since I am focusing all my efforts in getting my new business off the ground and running. (Business is in creating software and am confident I can make more than a W2 would). I would like to know if any landlords here rent out to people who do rental arbitrage, and if so, what do you include in your lease?
I haven't heard much around this topic from the Landlords point of view, only from the people who are doing it. I have heard things like:
- Tenant will be responsible of repairs up to a certain amount per month, and if it exceeds that, then landlord will step in.
- Higher security deposit amount
- Include in lease that noise monitor is required and should be enforced
- Include that tenant must have additional insurance/protection.
What else should I include? I want to be fair for both parties. Thank You!