What are the setup costs involved in establishing a nightly rental property?
Setup costs for a nightly rental can vary. If you’re purchasing a property that’s already furnished and turnkey, your out-of-pocket costs might be lower. However, if you’re building a new property, you need to budget for design, appliances, and furniture. This could range from as low as $15,000 for a two-bedroom property, but it usually costs more, especially if the property has more rooms or outdoor spaces that need to be furnished.