Refers to a short-term rental property that, while perhaps needing some improvements or updates, has the potential to be highly successful due to its location, size, or other desirable features.
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Glossary Term: Renovation
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A significant upgrade or renovation to a property that increases its value, lifespan, or functionality.
Investing in a short-term rental property that requires renovation or redevelopment. This can be a higher-risk, higher-reward strategy compared to investing in a turnkey property.
The practice of repurposing existing buildings or spaces for short-term rental accommodations, often involving the renovation or conversion of older structures.