Buying Condo In Hotel/Casino Resorts?
Hi,
I travel a lot and I need a bedroom to use every now and then in Nevada, and I'm considering Las Vegas because it has decent international flight connectivity. I've been perusing Zillow looking for creative approaches to buy a glorified bedroom that I can use when I'm in town, and rent when I'm away. I considered SFH where I'd rent out all the rooms and keep one to myself, but this seems risky since I'll realistically be away for months at a time and couldn't manage the unit/other tenants.
Then I came across some listings that appear to be hotel rooms for sale, with basically the facilities I need (a bed, toilet, kitchen), a price point I can handle (270-500k$, I'd do 20% down), and fairly high HOAs (~1500$/m?). Are these possibly good (or not-terrible) investments for STR, considering my dual-use? I know there's STR restrictions in LV proper, but since this is part of a resort, I would assume the resort can rent my unit when I'm away? Do these pen out?
What's the strategy for these?
My alternative is renting a crappy bedroom from someone else, which seems to start at 900$/m down the drain, and leave it empty most of the time. If I can instead have a long term unit that nets some money when I don't use it, and I don't need to deal with a noisy roommate, that'd be better.