Billing question for MTRs

[Rex Sundberg]

Hello folks, I have a question concerning billing for a short term rental that I will be leasing out as a midterm rental during off season. I have only used this property as a STR and I don't know when to collect security deposit and monthly rent for a MTR. The tenants are requesting a start date of 12/1/23 and will be renting for 3 months. When do I collect deposit and rent? This listing is an active STR and I will be blocking the date starting on 12/1/23, and of course I don't want to turn down any rent slots in anticipation of getting STR bookings. How is this usually done? This will not be going thru Airbnb or VRBO.

[Bonnie Low]

You want to collect the deposit as soon as you vet your guest and get a signed lease. The deposit is what holds the property for them. Until you have that in hand, their position should not be secured. I also would not block any dates until I had a deposit in hand. Things can and do fall out from time to time.