Looking to buy a vacation rental. Advice?

[Sami Stevens]

Hello! My husband and I live in California but looking to buy an STR in Utah, Colorado or Washington. It will be used by us 15% of the time, but mainly a full time rental! I'm looking for best tips for getting started and some opinions on tech to help!

We are looking to purchase in the next 3 months - I've used the free version of AirDNA to see cap rates on specific addresses I found on Zillow, but wondering if I should pay to get more of the future market insights they have? 

 Looking for any tips on how to be most profitable. Thanks! 

[Luke Trovinger]

Hey @Sami Stevens! Something to keep in mind if you are looking in the Denver metro area and going the Airbnb route, the majority of surrounding cities (including Denver) will only allow STR if you it is your primary residence. Arvada and Littleton are going to be your outliers that allow STRs, Arvada passing regulation allowing it and Littleton doesn't currently have specifics saying "no" which could change in the future.

Sounds like you will be renting the place out long term, so be sure to lease for a minimum of 30 days out this way if not in the above markets! Best of luck!