Fully furnished, high end condos with 6 month leases

These 6 month leases are usually ok with condo owners  association.  If not, you can be somewhat creative and use a 12 month lease with a “out” option after 6 months. 

On very high end rental I’ve found I can payoff furnishings with 18 months of rental difference.

Actual example was a 2,000 sf 9th floor condo I owned in Tempe, AZ in a 10 story condo building. Modern architecture, unfurnished rental going for about $2700 per month (2016 - 2020). Fully furnished, I was able to obtain rents of $4250 - $4600 on 6 month leases (minimum allowed by HOA.

I ended up purchasing 5 condos around the Phoenix area, and lived in one, kept 2 as conventional 12 month unfurnished rentals, and 2 as 6 month furnished rentals. I paid cash for all. HOA fees were high, as these were higher end mid and high rise units; but other than HOA fees there was almost no maintenance and repair expense.

The two conventional rentals achieved an ROI until sale of 8%, while the furnished rentals ROI was 13.6%. In 2019 and 2022 offers I received were so good that I sold them all as I was able to reinvest for larger return.

Interestingly, the short term furnished rentals were kept in better condition by the tenants than the unfurnished rentals.  
If renting furnished, be ready to completely write off the furnishing in 6 years if quality furnishings, 3 years if lower quality, 18 months if very low quality.