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Does anyone here own properties that are exclusively rented out for short periods of time, through something like Airbnb or VRBO? I've been chatting with a friend that is a successful realtor about investment properties. She recently purchased a lake house on one of the very few nice inland lakes in the area and has already paid for her year's mortgage renting through Airbnb. This specific area is growing but is far enough away from the big cities that property values are much more reasonable. It's near Fort Bragg, which being one of the largest military bases in the world, there's always going to be a flux of people coming in and out. I lived in Western Michigan for a few years pretty close to the lake, and vacation rentals is big business there. People are making way more money renting out properties for days/weeks at a time as opposed to signing year long contracts.

I'm just scouting things out for now, probably won't be looking at purchasing until late fall/early winter or next year, but I was curious what others thought might be some pros and cons of a property used for short term rentals as opposed to long term.
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