STR transitioning into furnished LTR options - Advice needed!

[Mel Kirchhoff]

Hi BPers!

I have an STR we've run for about a year. While it's positive after expenses and has potential for improvement in year two, it's been a bigger hassle than anticipated and taking attention from other priorities and areas of our life with not enough return. We also have a second STR that runs smoothly, so this one feels like more effort than it's worth right now.

I don't want to sell since it's a great property in a good area and fits well in our long-term portfolio. I'm exploring the idea of turning it into a furnished long-term rental to hold onto it, generate income, and possibly return to STR when things settle down.

However, I’m new to the furnished LTR space and would love advice! Some specific questions I have:

• • Should it stay fully stocked like an Airbnb (plates, utensils, towels, etc.), or pared down?
• • How do leases typically handle furniture/appliance damage or wear?
• • Should utilities, internet, or services like snow removal/lawn care be included, or not?
• • Is it all just customizable based on what works best?

If anyone has experience with furnished LTRs, I’d greatly appreciate your insights or tips! Thanks in advance!

[Sofia Komrskova]

Have you thought about just converting it back to an unfurnished LTR? If you do a furnished LTR you will still have to worry about your furnishings and possibly consumables/linens if you plan on providing that sort of thing.