Releasing tenant to put the house on AirB&B

[Elmer Wayne Fisher]

   Current tenant signed a one year rental lease on the single family property I own. I feel like I can create more cash flow by putting the house on AirB&B after the lease agreement runs out. 
  Any suggestions on what may be the best way to address this possibility to the tenant and is it even a good idea to release a loyal long term renter that has never paid late? 

[Tony Ngo]

Quote from @Christopher Juntura:

Quote from @Elmer Wayne Fisher:

   Current tenant signed a one year rental lease on the single family property I own. I feel like I can create more cash flow by putting the house on AirB&B after the lease agreement runs out. 
  Any suggestions on what may be the best way to address this possibility to the tenant and is it even a good idea to release a loyal long term renter that has never paid late? 

 What are your goals?

Airbnb is a job, so you'll be pulled into doing more. Something that maybe something in the middle, midterm renting. Honestly everything really depends on your goals, so if you don't have them, then that's where you need to start.

I agreed with Christopher. Convert a long term rental to STR is like creating another new job for yourself. LTR is passive where STR is active & you need be involve in book questions, cleaning arrangement, etc (unless you hire management company). Before go into STR, be sure you locate good cleaning team. One more factor you need to consider is the furnitures. It will require some profit months to regroup back the expenses. Be sure to run the number to ensure it's profitable. STR is just another business. Business for each month has up and down. Good luck!