STR Partnership and Personal Use

[Dan O'Meara]

Hey everyone,

I tried to search and couldn't find what I was looking for so I thought I would reach out here to see what other people have done. I recently bought a short term rental with a few other investors.  We are trying to determine a fair way to divide the IRS allowed days of personal use. Since nightly rates can fluctuate a lot, we are trying to avoid losing a lot of revenue on peak days or one partner taking advantage of the highly desirable times.  We have discussed blackout dates for personal use.  We are also looking at a "Credit" system where each partner gets an amount towards personal use. Their share may get two nights during high demand times, or more days during off-peak season (with a day limit for IRS restrictions).

Has anyone else developed a "Fair" system to handle this?

Thanks

Dan O