Purchasing a short-term rental business

[Muthoni M.]

A friend of mine is looking to sell their str business. They will be selling the property to a buyer who does not wish to be involved in the STR business. I am considering renting the said property and using it as a short-term rental. The prospective buyer is agreeable with this.

How would one value the business side (excluding the value of the property itself since I will be renting at market rates)?

Is it better to buy the business (furnishings and the good will and the projected revenue) or start from scratch?

I would really appreciate helpful comments and especially from people who have either sold a business (only) or bought an STR business.