One Multifamily, Mixed LTR & STR Rentals
Hi, none of the STR discussions seemed to hit on this exact point. I'm looking at some properties that are fourplexes or two duplexes on one lot. I want to STR (vacation rent) one unit, while using LTR on the others. All legalities look fine in Rapid City, something zoned for rental can be used however I want.
It seems like a unique deal that will give me some fire insurance on my first foray into the STR world, while also giving me the added flexibility of using the STR. I live 2 hours out of the city, so having my own property to book and stay in would provide a huge personal benefit in terms of being able to head into the city more without the stress or hotel fees.
I guess I'm mostly hoping to hear if anyone has done this ... my initial concerns are (1) potential complexities with how the entity is set up/ business or otherwise/managing the books, (2) negative perception among vacationers in a complex or duplex format, and (3) finding a property manager that can manage some of the nuance of STR (such as cleanings) with the general maintenance of LTR. I would handle the booking/marketing/communications.
So...anyone walk a similar path by chance? Thanks!!