Turning Hotel into long term rentals

[Mark Hadnett]

Hi All BP fam,

I’m wondering if anyone out there has experience with renting out hotel rooms as long term rentals I.e rents over a month. I understand you cannot have leases with tenants but would it be treated just as a long term hotel stay? What would pros or cons be to doing it this way? The reason I ask is I am under contract on a hotel property in NJ and we were going to turn into long term rentals but there are a lot of costs involved with switching it over vs we operate as a extended stay hotel unfurnished/furnished where we would essentially just be long term rentals. Thanks in advance