I'm actually based in NY currently though hoping to move back out to the MSP area in the next year or two. It's a long story but the short version is that I currently have a lease on a property that I lived in for a few months before realizing I needed to return to NY for a family emergency. I'd like to keep the property since I'd love to move back there someday but obviously can't afford to be paying the lease long term while still living in NY. I'd like to hear from Twin Cities investors who have experience in short and mid term rentals to help assess the viability of renting the place as an arbitrage rental. The landlord is open to me using it as a short or mid term rental but it's not an ideal size and type from what I have learned about this asset class. But I'm also not necessarily needing to make a big profit on the place. Simply being able to hold onto it would be very valuable to me if I can offset my costs reasonably well. I know it would mean making an initial investment to furnish the place fully (most of what I own I moved BACK to NY) but if I can cover the rent/utilities and be making a little bit back to start paying off the initial investment I would consider this a huge win. Also open to partnering with someone who's experienced in this area if you'd like to discuss further.

The home is much more suited to families than a typical short/mid term rental. It's a nice but not lavish split level 4br/2ba with a nice sized kitchen and living rooms on both floors. It's on a huge grassy lot (1/2 acre) with a driveway and 1.5 car garage. It's in a quiet, family oriented neighborhood. It's technically in Plymouth but it's right next to the border of Minnetonka and also very close to Wayzata. If you know the area it's right near the intersection of where 394 intersects with 494 (only a couple minute drive before you're on either highway), so convenient commuter access is a big plus. Feels like a better mid term rental that short term but not sure if even that is wishful thinking.

Would love the advice of anyone who knows this market. Would like to hold onto the place if possible but really don't want to sink a bunch of money into the place only to determine that it's just not a viable short/midterm rental. Really appreciate any advice you may have or any direction that you may be able to steer me to connect with people who know more. Thanks so much for reading

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Looking 2 connect with MidTerm Rental Hosts in the Twin Cities. I have a property!

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