Long Term Rental v.s. Sublet & Airbnb (what should I do?)
I have a family member with a home in Suisun City, CA. It is a 3 bedroom 2.5 bath house that we would like to find a long-term renter to pay around 2400-2900/month in rent ($2600 is our target goal/listing price). I will receive $200/month (roughly 8%) of the rent each month for helping them list the property, run a background check, etc. My family member will manage any repair calls, maintenance, etc.
The family member is open to me renting the property from them for 2400/month and is okay with me listing it on Airbnb. I would need to fully furnish it and it is missing a refrigerator, (washer and dryer too). I have about $10k to put towards the project to get it ready to list.
What should I do? Take the $200/month and call it a day, or put in the additional leg work to get it set up as an Airbnb/Vrbo short-term rental?