The Las Vegas Strip and valley at dusk, Las Vegas, Nevada

Short and Mid Term Rentals

Clients have expressed interest in STRs due to their potential tax benefits and increased cash flow. MTRs are of interest because of potential increased cash flow. We want to support your success, but we also have certain limitations. This blog post clarifies task ownership for STRs and MTRs.

Renovated living room with a tiled fireplace, vaulted ceiling and staircase in a Las Vegas townhome

Responsibilities

Below is a table showing who’s responsible for key tasks:

STR Client ResponsibilitiesMTR Client ResponsibilitiesFernwood Team ResponsibilitiesTeam Responsibilities
Qualify as a real estate professional (IRS rules)Define desired MTR characteristicsIdentify and evaluate properties that meet your MTR or STR rental requirements as well as being a good long-term rentalDetermine renovation needs
Define desired STR characteristicsChoose decorative items, furniture, colors, and specify items locations.Arrange inspections and quotes for all renovation workRepurpose property if converting to long-term rental
Verify property qualifies for short-term rentalOrder and arrange furnishings to be delivered in coordination with Fernwood teamReceive furniture at property and arrange installation services
Choose decorative items, furniture, colors, and specify items locations.Define item installation locations
Order and arrange furnishings to be delivered in coordination with Fernwood teamArrange cleaning and other services
Define item installation locationsMarket the property to MTR sources
Arrange cleaning and other servicesSet up technology for check in and other services.
Manage and lease the property
Set up technology for check in and other services.

Short-Term Rental Regulations

Below are links to short-term rental regulations for four entities in the Las Vegas Valley. Since MTRs require a minimum stay of 30 days, most cities and HOAs permit them.