Real estate for AirBNB or VRBO?

I have been thinking about buying an investment property to rent out for AirBNB or VRBO. Does anyone here have any experience with this? I am considering smaller properties like a condo, just about anywhere in driving distance(12 hour drive max).

Real estate for AirBNB or VRBO?

We had a condo we rented out in Myrtle Beach. We didn't use AirBNB or VRBO but we did use a rental company (and we did explore using VRBO).

We had some good experiences and we had some bad experiences. Thankfully, when one winter rental destroyed our condo, they went after the person so we didn't have to pay for any of the massive upgrades needed (I'm not sure what the person did but we needed new bedroom furniture, linens, all new flooring, etc).

Re: Real estate for AirBNB or VRBO?

We looked into this and haven't totally ruled it out but some things to think about, esp. with a condo:

Make sure it also makes financial sense to get a long term tenant if local rules change and you can no longer do short term rentals. Some municipalities have laws against them.

Even if it's legal, some condo HOAs might decide against them or make rules about them. I heard a horror story about a complex that made a rule that only some small % of their units could be short term rentals - maybe 10-15%. It might have been in Vegas but don't quote me on that. People who were relying on that plan then had a big problem on their hands with supply outweighing demand when everyone either wanted to sell or looked for a long term tenant.

Factor in ALL expenses - wear and tear, all utilities, cost of furniture, management etc.

Check the market first. Some are saturated and don't command high prices.

Not saying don't do it, just think about all aspects.