I have managed and owned many Airbnb/corporate rentals for over 15 years in multiple locations. The Tampa Bay Area seems to be more profitable. I agree with @Jorge Vazquez above on corporate rentals. They tend to be more profitable and much less in and outs, especially while you are so far away. Corporate Rentals are usually 5% to 10% less then nightly. However, occupancy is much higher and not just the weekends, less traffic, less cleaning and usually Corporate tenants are higher quality and leave less damage. I find the most profitable short term properties, are promoted to corporate tenants through many specific platforms or long term relationships with businesses executives that have been gained over the years. However, if vacant for a short period of time fill-in with nightly rentals.
I also agree with @Ian Whiteman, the software in place, your boots on the ground crew, and your accounting need to be impeccable, especially with you so far away.
However, I personally would not stay within city limits as Kristina suggested. Each city has their own regulations. I have researched most of the regulations in each city that restrict short term rentals. This includes Orlando, St. Petersburg, Clearwater, and many other locations. For example, clearwater will only allow you to rent out your property three times a year to three different individuals. So the shortest would be three or four months at a time, to stay profitable. Staying in the borough is less strict and usually only a 7 night minimum.
I plan to only have short term rentals in my portfolio for as long as this trend will allow. Possibly less on the Airbnb platform as their fees continue to increase. However, there are many other up-and-coming platforms that are keeping these properties occupied successfully and building repeat business through automations is key.
Good luck with your short term properties. I love discussing this topic as this is a great passion of mine. If you ever want to talk more, please contact me anytime.
