Great question — this model is becoming increasingly common, and it’s important to vet both the operator and the structure.
I've worked extensively with short- and mid-term rental operators, both as an investor and consultant, and Wanderlust Ventures appears to follow the "master lease arbitrage" model — where they lease properties from owners and profit by subleasing them on platforms like Airbnb or for corporate housing.
This structure can be mutually beneficial when the operator is experienced, well-capitalized, and manages properties professionally. However, there are a few things to consider before moving forward:
✅ Pros:
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Guaranteed Rent: You receive a steady payment each month, regardless of occupancy.
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Property Maintenance: Professional operators typically keep the property in good shape to preserve guest satisfaction and reviews.
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Hands-Off Management: They usually handle all day-to-day operations, including cleaning, guest screening, and maintenance.
⚠️ Risks to Watch For:
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Lease Default: If bookings slow down or they mismanage the property, you could end up with a broken lease.
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Zoning & Regulation: Ensure your property is legally zoned for short- or mid-term rentals. Otherwise, it could be shut down by local authorities.
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Insurance & Liability: You'll want to review your insurance policy and verify they carry commercial liability insurance and/or a STR rider.
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Reputation Risk: Subpar operators can damage your property and your name if neighbors or HOAs complain.
🔍 Diligence Checklist:
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Ask for references from other landlords they’ve leased from.
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Request financials or proof of reserves.
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Get clarity on how they screen guests, handle noise complaints, and manage turnovers.
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Make sure the lease includes clauses that allow you to inspect the property periodically and address damages swiftly.
🧠 Competitive Alternatives:
There are quite a few other players in this space — some examples include:
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Sonder (larger urban inventory, more institutional)
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Minty Living (focused on mid-term in select cities)
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The Guild, Blueground, Landing — mostly corporate housing
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Local boutique operators or property managers offering revenue share or co-hosting models
If you're interested, I’ve structured creative leases with performance-based kickers, where base rent is guaranteed but additional upside is shared when occupancy or revenue exceeds certain benchmarks — a win-win for both parties.
Happy to review their proposal or lease agreement with you if you’d like a second set of eyes. Just DM me.
Hope that helps!
— Matthew Bernal, Investor | Consultant | Managing Partner, Pryceless Ventures
