3 leases with 30 days minimum condo, Is it a good fit?

Question

is it a good option to buy a condo with 3 leases/ 30 days minimum for investment. planning to rent it out for snowbirds or lease rooms for travel nurses in season.  Also, I am not sure if an extension of a lease is considered a new lease or not. For instance if I have a travel nurse who extended the contract and extended the stay is it the same lease? . If no, is there a way to go around it . During the off season, I will try to rent it out from June to November for travel nurses ( summer and fall). I am only looking for medium term rentals. 3 months at a time. I am not finding a condo that is not in a flood zone in fort myers and has no restriction for rentals. Any suggestions about rental investement areas/condos would be much appreciated . Thank you!

Stetson Miller · Answer

Hi @Ramsey Doumani,

The 30 day minimum isn't necessarily an issue, but only allowing three leases annually can significantly limit the full rental potential of the property. Ideally, 12 annual leases should be targeted for this strategy to ensure maximum flexibility.

I would also recommend thoroughly reviewing the rules and regulations, and contacting the association directly, to confirm if room rentals will be allowed. Most of the time, they aren't, or, each new room lease counts towards your maximum of three annually, so this is not a strategy that will be successful over the long term. Typically, a lease extension does not count towards the three annual maximum, as there isn't another screening process necessary, but again, please confirm directly with the association.

Finally, it can be extremely difficult to place tenants over the summer months, so doing everything you can to limit liability here is key such as being close to hospitals (travel nurse marketing) and heavy business areas (temporary housing needed for professionals).