Trouble Analyzing a Short-Term Rental

[Carson Engelhardt]

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Hello Everyone!

I am a new investor looking to get into Airb&b short-term rentals. I have been doing a lot of market research on this property and the area it is in, and I think that it has the potential to be a good deal.

Based On Market:

Nightly Rate: $274

Yearly Occupancy: 59%

The property has 2 buildings. A detached 2 car garage with a 576 sq. ft. finished loft (1 bed 1 bath) and the main house is a 968 sq. ft. 3 bed 1 bath. I think there is an opportunity to finish off the 2 car garage below as a living space to increase the nightly rate as well. 

The property should cashflow around $1,465 after all expenses. Are there any other main expenses that short-term rentals have that I am missing? I currently have cleaning fees and airb&b fees included as well as 59% occupancy. 

Also, I don't have the money to do the deal on my own. I was tired of waiting so I decided to pursue a deal and then find the money for it. I am wanting to split the profit 50/50 and manage the AirB&B myself and have a partner provide the money. So My main question is how do I find someone to partner up with and come up with a 20% down payment? Would end up being around $82,000 and that is a ton of money to me.

Any comments or suggestions would be helpful! Thank you!