Vacation Rental Buyers

We are an active buyer group acquiring turnkey, off-market short term rental properties. Airbnb and VRBO homes, furnished and operating, purchased as going concerns rather than as empty boxes. If you own a vacation rental that already produces bookings and you would rather sell it once, quietly, to a buyer who understands what you built, this page tells you exactly what we buy, what we pay for, and what you will need to hand over.

Most vacation rental sales go badly for the seller. The property gets listed on the MLS, priced like a second home, shown to retail buyers who want it vacant at closing, and sold for the value of the walls while the operating business evaporates. Every future booking gets cancelled. The furniture becomes a negotiation line item. The review history, which took three years and two hundred guests to accumulate, goes to zero. That is a bad outcome for an asset you spent years optimizing.

We buy the other way. We underwrite the income, we pay for the operating history, and we close with the calendar intact.

What We Mean by Turnkey

Turnkey is one of the most abused words in real estate, so here is our definition. A turnkey short term rental is a property we can operate on the day after closing without buying a single thing, hiring a single new vendor, or cancelling a single confirmed reservation.

That means the home is furnished to a rentable standard, the linens and kitchen inventory are present and adequate, the cleaning and maintenance vendors are willing to continue, the permit or license is current and transferable or renewable, the pricing tool and channel connections are documented, and the forward calendar has real bookings on it that we will honor.

If your property meets that definition, you are talking to the right buyer. If it is close but not quite there, tell us anyway. We buy properties that need cosmetic work or operational cleanup at an adjusted basis. What we do not buy is a property described as turnkey that turns out to be a shell with a bed in it.

Our Buy Box

We look at every submission, but these are the parameters that move a property to the top of the queue.

Geography

We concentrate on established leisure demand markets with durable, non-seasonal drivers and a regulatory environment that is stable rather than merely permissive. Mountain and ski corridors, coastal and beach markets, lake and river destinations, national and state park gateway towns, wine and culinary regions, and select urban markets where short term rental is explicitly licensed rather than tolerated.

We deliberately avoid markets where the entire investment thesis rests on a regulation that could be reversed by a single city council vote. A property producing outstanding revenue under a grandfathered permit in a hostile jurisdiction is a wasting asset, and we underwrite it that way.

Property profile

Single family homes, cabins, townhomes, condos, and small multi-unit properties operated as vacation rentals
Two to six bedrooms is the core, though we will look at larger group and event properties in the right market
Purchase price generally between $350,000 and $2,500,000 per property
Portfolios of two to twenty units, including scattered site portfolios under one operator
Properties with differentiated features that survive a competitive market: hot tub, primary view, walkability to a lift or beach, acreage, a pool, a genuine architectural point of view

Performance

A minimum of twelve months of operating history, with twenty four to thirty six months strongly preferred
Trailing twelve month gross booking revenue that supports a defensible yield on our all in basis after realistic expenses
Occupancy and average daily rate that are consistent with the market rather than propped up by a single anomalous season
A review profile that reflects a well run property: volume, recency, and rating all matter

Condition and title

No open permits, unpermitted additions carrying enforcement exposure, or active code violations
No structural, septic, roof, or moisture issues that were papered over rather than repaired
Clean, insurable title with no unresolved liens, boundary disputes, or easement problems
HOA or condo association rules that permit short term rental in writing, not by informal tolerance

What We Will Not Buy

Telling you our disqualifiers up front saves us both weeks. We pass on:

Properties where the short term rental use is illegal, unpermitted, or operating in a jurisdiction that has announced a phase out
Fractional, timeshare, or deeded interval ownership
Properties where the seller cannot produce platform generated revenue data and insists that screenshots or a spreadsheet are sufficient
Properties whose entire revenue history sits inside a co-host or property manager account the seller does not control and cannot get exported
Ground lease or leasehold structures with fewer than forty years remaining
Homes in the middle of an insurance dispute, an active claim, or an uncured casualty
Rental arbitrage positions, meaning a lease you sublet rather than a property you own

The Furnished Track Record: What You Supply as the Seller

This is the section that matters most, and it is the one most sellers are unprepared for. When you sell a vacation rental as an operating business, you are selling two things at once: a piece of real estate and a documented earnings history. The real estate part you already understand. The earnings history is what determines whether we can pay a business multiple instead of a comp based residential price.

We call the complete package the furnished track record. It has to be furnished in both senses: the home comes with its contents, and the performance comes with its proof. Sellers who assemble this package before going to market consistently transact faster and at better numbers, because every unverified claim gets discounted by a buyer and every verified claim does not.

Here is precisely what we ask for.

1. Platform generated revenue documentation

Airbnb transaction history export, CSV format, covering the full ownership period. Not a screenshot, not a summary, the actual export from the earnings dashboard
VRBO or Expedia partner reservation and payout reports for the same period
Direct booking revenue records if you operate a direct site, with the payment processor statements that back them
Any Booking.com, Furnished Finder, or other channel reports
Property management system export if you use Guesty, Hostaway, OwnerRez, Hospitable, Lodgify, or similar: reservations, rates, occupancy by night, and cancellations
Gross versus net clarity on every line, meaning we need to see platform fees, taxes collected and remitted, and payouts separated rather than blended

2. Tax and accounting documentation

Schedule E or the business return covering the property for the last two to three tax years
1099-K forms issued by each booking platform
Occupancy, transient, lodging, and sales tax filings and proof of remittance
A trailing twelve month profit and loss for the property, ideally reconciled to the bank account that receives the payouts
Depreciation schedule and cost segregation study if one was performed, which matters for our basis planning

3. Operating expense detail

Buyers discount vague expense numbers aggressively. Line by line detail is worth real money at the closing table. We want to see:

Cleaning cost per turn and the number of turns per year, with the cleaner’s invoices
Property management fee structure and the actual management agreement
Utilities by month for at least twenty four months, since a poorly insulated mountain home in February is a real number, not an average
Internet, streaming, security, and smart lock subscriptions
Landscaping, snow removal, pool and hot tub service contracts
Pest control, HVAC service, chimney, septic, and any recurring maintenance
Insurance premiums with the current declaration page and the loss run history
Property taxes and any pending reassessment notices
HOA dues, special assessments, and the reserve study if one exists
Supply and consumable spend: linens, paper goods, toiletries, coffee, and replacements
Capital expenditures made during ownership, itemized with dates and amounts

4. Regulatory and compliance file

Current short term rental license or permit with its number, issue date, and expiration
The renewal history, including any lapses, and the local rules on whether a permit survives a transfer of ownership
Business license, tax registration, and any required state lodging registration
Inspection reports: fire, safety, life safety, occupancy limits, egress
Any notices of violation, complaints, or enforcement actions received, resolved or otherwise. Disclose these. We will find them, and finding them ourselves costs you more than telling us would have
Written HOA or condo approval of short term rental use, plus current governing documents and any rule changes under discussion

5. The furnishings and FF and E schedule

The contents are part of what we are buying, so they need to be documented like an asset rather than left as an assumption. We ask for:

A room by room inventory of furniture, appliances, electronics, and decor, with approximate purchase dates
Ages and warranty status of the major systems and appliances: HVAC, water heater, washer, dryer, refrigerator, range, dishwasher
Hot tub or pool equipment age, service history, and current condition
Mattress ages and sizes by bedroom, since mattress replacement is one of the most predictable near term costs in this asset class
Linen par levels, meaning how many complete sets of sheets and towels exist per bed and bath, and their condition
Kitchen inventory adequate for the stated sleeping capacity
Consumables and supplies on hand at closing
Any items you intend to exclude from the sale, identified in writing up front rather than removed the week before closing
Photos of the current condition, not the listing photos from four years ago

6. Digital assets and guest history

This is the category sellers most often overlook and buyers care most about, because it is where the actual enterprise value lives.

Full listing content: titles, descriptions, house rules, amenity selections, and the professional photo library with the license or ownership rights to those images
Complete review history exported from each platform, with ratings by category
Superhost or Premier Host status, its duration, and the current metrics behind it
Listing rank and search performance data if available from the platform dashboards
Direct booking website, domain, and hosting credentials if one exists
Guest email list and any records of repeat guests, subject to applicable privacy law and the platform terms you agreed to
Dynamic pricing tool configuration, whether PriceLabs, Wheelhouse, Beyond, or another, including the base rate strategy and seasonal minimums
Smart lock, thermostat, noise monitor, and camera system accounts and administrative access
Digital guidebook, welcome content, and any automated messaging templates

A candid note on this category, because you deserve accuracy rather than a sales pitch. Airbnb and VRBO host accounts and their accumulated review histories are generally tied to the host, not to the property, and the platforms restrict transferring an account to a new owner. That is a real constraint, and any buyer who tells you they will simply take over your Superhost badge is either uninformed or being loose with you.

What experienced buyers actually do is different, and it works: we structure a transition that preserves listing continuity where the platform rules allow it, we replicate the listing content and photography we acquired the rights to, we retain your cleaner and your systems so the guest experience does not degrade, and we honor your forward bookings so the calendar and the pace of new reviews never go dark. Your documented history still matters enormously, even where the badge itself does not travel, because it is the evidence that lets us underwrite the property at its real earning power rather than at a market average.

7. Contracts, vendors, and obligations

Property management agreement, including its termination provisions and notice period
Cleaner and turnover team contact, rate, and willingness to continue
Handyman, HVAC, plumbing, electrical, and landscaping vendor list with rates
Any service contracts that survive closing: pest, pool, snow, alarm monitoring, internet
Warranties on roof, appliances, systems, or recent work, with transferability confirmed
Existing forward reservations with dates, guest counts, rates, and deposits held
Any gift certificates, promotional commitments, or discounted repeat guest arrangements outstanding

8. Title, survey, and physical due diligence

Current title report or a recent owner’s policy
Survey, plat, and any encroachment or easement documentation
Well, septic, and water rights documentation where applicable, with recent inspection or pumping records
Flood zone determination and elevation certificate if in or near a mapped zone
Wildfire, wind, or coastal exposure documentation and any mitigation work performed
Prior inspection reports from your own purchase, plus documentation of what was repaired since
Permits closed on all improvements, especially decks, hot tubs, garages, and finished basements

The Acquisition Checklist: Everything That Transfers

Below is the full inventory of what we expect to acquire in a turnkey vacation rental transaction. Use it as a working document. If a line does not apply to your property, note it. If a line is a problem, flag it early rather than at day nineteen of diligence.

Real property

Land and improvements, conveyed by deed
All fixtures, built ins, and permanently installed equipment
Detached structures: garage, bunkhouse, shed, sauna, dock
Landscaping, hardscape, fencing, and outdoor kitchens
Hot tub, pool, and associated mechanical equipment
Water rights, well, and septic components where applicable
Mineral or timber rights if held and included

Personal property and FF and E

All furniture in every room, per the inventory schedule
Mattresses, bed frames, and bedding
Complete linen sets at documented par levels
Kitchen equipment, cookware, dishware, glassware, flatware, and small appliances
Major appliances including washer, dryer, refrigerator, range, dishwasher, and any secondary units
Televisions, sound systems, streaming devices, and gaming equipment
Art, decor, rugs, window treatments, and lighting
Outdoor furniture, grills, fire pit, umbrellas, and heaters
Recreation inventory: kayaks, paddleboards, bikes, ski racks, sleds, beach gear, board games
Tools, ladders, snow shovels, and maintenance equipment kept on site
Consumables and supply stock present at closing

Operating systems and technology

Smart locks and the associated administrative account
Thermostats, sensors, water leak detection, and noise monitoring devices
Security cameras covering exterior areas, with disclosure of all locations
Wifi network, router, and internet service account
Property management system subscription and historical data
Dynamic pricing subscription and rate strategy configuration
Channel manager connections and settings

Intangible and business assets

Property name and any associated branding
Domain names, direct booking site, and hosting
Photography library with transferred usage rights
Listing copy, guidebooks, house manuals, and messaging templates
Social media accounts associated with the property
Guest database and repeat guest relationships, transferred in compliance with applicable privacy rules
The complete documented performance history described above
Vendor relationships and introductions

Assumed obligations

Forward reservations at the rates already confirmed to guests
Guest deposits and prepaid amounts, credited at closing
Continuing service contracts we elect to assume
HOA obligations and any assessments allocated by the standard proration
Permit and license conditions applicable to continued operation

How We Underwrite the Property

We do not price vacation rentals off residential comparables alone, and we do not price them off a gross revenue multiple either. Both approaches are lazy and both produce wrong answers.

Our underwriting grades the property against the framework published at Investment Grade STR, which evaluates a short term rental across two axes: the property performance drivers you can actually control, and the location factors you cannot. Revenue management sophistication, guest experience design, cost structure discipline, and asset condition sit on the first axis. Demand durability, seasonality shape, regulatory posture, competitive saturation, and supply pipeline sit on the second.

The premise behind that framework is that the large majority of short term rentals are meaningfully mismanaged, which is precisely why the category is interesting to a disciplined buyer. When we find a property with strong location fundamentals and merely average operations, we are buying the gap between the two and closing it after we own it. A seller who has already done that work gets paid for it, because a property operating near its ceiling is worth more than one operating at seventy percent of its potential, and we can see the difference in your data.

Practically, our underwriting runs through revenue normalization against actual booked nights rather than projected ones, an expense build from your documented costs rather than a percentage assumption, a capital reserve for the furnishings and systems nearing end of life, a regulatory risk adjustment specific to your jurisdiction, and a debt sizing test at current terms.

Why Our Offers Close

Anyone can make an offer. The question a seller should ask is whether the buyer can actually fund it, because a retrade at day twenty five over a financing problem costs you a season.

Our acquisitions are supported by short term rental specific lending through Ideal Location Homes, which underwrites vacation rental loans on the projected daily rate and occupancy of the property itself rather than on personal debt to income ratios or tax returns. That structure supports financing up to eighty percent on acquisitions and seventy five percent on cash out refinances, and it funds into an LLC rather than requiring a personal name on title.

Why that matters to you as the seller: the financing is underwritten on the same income data you are already assembling for us. There is no second, unrelated approval process running on a parallel track that can blow up for reasons unconnected to your property. The asset qualifies the loan. That is what allows us to give you a short diligence window and a firm closing date and then actually hit it.

If you happen to be on the other side of this equation, meaning you are looking to acquire rather than sell, that same financing desk is where we would send you, and the underwriting framework above is the one we would tell you to use.

Our Process and Timeline

Step one: submission. You send the property address, the trailing twelve month gross revenue, the platforms you operate on, and your permit status. That is enough for us to give you a real answer rather than a polite one.

Step two: initial review, two to three business days. We tell you whether the property fits, and if it does, we send the data request that mirrors the furnished track record list above.

Step three: indicative pricing, five to seven business days after we receive the data. You get a value range with the assumptions written out, so you can see exactly which inputs are driving the number and challenge any of them.

Step four: letter of intent. Price, diligence window, closing date, what conveys, and how forward bookings are handled. No mystery terms introduced later.

Step five: diligence, typically twenty one to thirty days. Inspection, title, permit verification, data verification, and a walkthrough of the furnishings inventory. This moves fast when your package is assembled and slowly when it is not.

Step six: closing and transition. We coordinate the operational handoff in the two weeks before closing so that guest communication, cleaner scheduling, and channel management never lapse. Confirmed guests keep their reservations at their confirmed rates.

Why Sell Off-Market to a Buyer Group

There are real reasons a seasoned vacation rental owner chooses a private sale over a listing, and there are real tradeoffs. Both deserve stating plainly.

Your operation stays private. A public listing tells your competitors your revenue, tells your cleaner and your manager that their income is ending, and tells your future guests that the property is in flux. None of that helps you.

Your bookings survive. A retail buyer will almost always demand a vacant delivery, which means cancelling every reservation on your calendar, absorbing the platform penalties, and taking the hit to your account standing on the way out the door. We take the calendar as it is.

Your furnishings get valued instead of argued over. In a conventional sale the contents become a bill of sale skirmish in the final week. In ours they are part of the underwriting from day one.

Your timeline is yours. Sellers with a specific tax year, a 1031 clock, a partnership dissolution, or a simple desire to be done before ski season can name the closing date and we will work to it.

The honest tradeoff. A competitive public marketing process can occasionally surface an emotional buyer who overpays for a property because they fell in love with it. That happens. If your property is exceptional, unique, and in a trophy location, you should genuinely weigh a broadly marketed process against a private sale, and a good broker will tell you the same. What a private sale gives you instead is certainty, speed, discretion, and a buyer who pays for the operating business rather than discounting it. Which of those matters more depends on your situation, and we would rather you make that call with clear information than be talked into anything.

Frequently Asked Questions

Do you buy properties with a property manager in place?

Yes. We will review the management agreement and decide whether to assume it or terminate it under its own terms. Either way, the existence of a manager is not a disqualifier, and a good manager who wants to stay is often an asset we will pay for.

What if my permit does not transfer to a new owner?

Tell us early. In some jurisdictions permits are personal and the buyer must apply fresh, sometimes with a waitlist or a cap that makes reissuance uncertain. That risk is real and it affects price, but it is not automatically fatal. What is fatal is discovering it at day twenty.

Will you honor bookings that are already on my calendar?

Yes, that is a core part of how we buy. Confirmed reservations are honored at their confirmed rates, with deposits and prepayments reconciled at closing. Preserving the calendar protects the property’s momentum, which is precisely what we are paying for.

Do I need to include the furniture?

For a turnkey purchase, yes. The furnishings, linens, kitchen inventory, and outdoor equipment are part of the asset we are underwriting. If you want to keep specific personal or sentimental items, identify them in writing at the start and we will price around them.

How do you value the operating business separately from the real estate?

We do not treat them as separate line items so much as a single income producing asset, priced on normalized net operating income with adjustments for asset condition, regulatory durability, and the reserves the furnishings and systems will require. Documented performance moves that number materially. Undocumented claims do not move it at all.

Do you buy portfolios?

Yes, and portfolios are frequently more interesting to us than single assets, particularly where one operator runs several units in a single market with shared vendors and a consistent operating standard.

What if my property is not currently performing well?

Submit it anyway. A property with strong location fundamentals and weak operations is a specific thing we look for, because the gap between current and potential performance is exactly where a disciplined buyer earns a return. You will be priced on today’s numbers, not tomorrow’s, but a fair price on today’s numbers is still a real transaction.

Submit Your Vacation Rental

If you own a furnished, operating short term rental and you want a straight answer on what it is worth to a buyer who values the business you built, send us the property address, your trailing twelve month gross booking revenue, the platforms you list on, and your current permit status. We will tell you within two to three business days whether it fits, and we will tell you plainly if it does not.

Assemble the furnished track record before you talk to anyone. Whether you ultimately sell to us, to another buyer group, or through a broker on the open market, the seller who arrives with documented performance always transacts on better terms than the seller who arrives with a story.