Request from corporation to rent STR "exclusively"

[Glen R.]

Hey Everyone

I glanced through the forum and did not see a topic like this so hoping you can provide some insight/suggestions!

I received a request from a corporation who wants to rent our place and lock in an exclusive agreement where we can't rent to anyone else during the contract period. We are free to use the place for our own purposes when it is available. They said they have a budget of $30,000. Problem is, I run about $40,000 in expenses. They are OK with us telling them how many months the $30,000 will last. We started renting the place last summer so this is our first full year and are projected to bring in $40,000. So, conservatively, we will break even but I think there is a good chance for us to be in the black.

They said they worked this model with someone else for 2 years and would be happy to pass on their information as a reference. I have already confirmed the place they were talking about is on VRBO and is very comparable to our place so it will be a good comparison.

Has anyone done this before and have any feedback?

All help/suggestions is appreciated!

Glen