Out of State “Mid Term” Month to Month, Furnished Rentals

[Tyler Rayman]

Hey BP, 

I’m on the verge of starting a month to month, furnished rental (traveling nurses being the target audience), and hoping to connect with investors that have utilized a similar strategy. 

The property is a 4-unit building, in a good location for the aforementioned play. Currently all 4 units are occupied by long-term tenants. Initially I would keep 3 of the units on 12 month leases, and utilize the 4th as the furnished month to month, for proof of concept in the area, before converting the other units. 

As an out of state investor, I’m curious how management companies might view this type of strategy. I would think it depends on the company, and their tolerance and experience with it. Or perhaps it would require self-managing.. Does anyone have any experience they’d be willing to share, managing out of state? 

Any insight, positive or negative, would be immensely helpful. Thanks!