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I am going to turn my rental condos into AirBnB and this is

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Good Evening, I am going...
Good Evening, I am going to turn my rental condos into AirBnB and this is new to me. May I have your advice on the pay in commission to a manager as I want him to be a partner and not feel like an employee. What "split" on profits is fair to both os us and how do I handle expenses, payment etc. Do you recommend some special kind of contract with the renters and the manager? I depend on the income as I am a senior citizen and do not work (in my seventies). I will have to get a city license which means all smart energy appliances and insulation etc. It will be expensive. I also will have to furnish both condos for short term renters. I have only rented year long leases before so this is new to me but short term have done very well in my town and I hope to improve my income a little. Any advice you can give to me is very welcome and helpful.How do I handle the bookkeeping since another person will now be involved. YThank you so very much. Mrs. Trentwood
Submitted: 6 months ago.Category: Real Estate Law
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Answered in 1 minute by:
7/12/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,464
Experience: Licensed to practice before state and federal court
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Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

Congratulations on joining this particular revolution. There are some things that legally I would recommend to you so you can be sure to turn a profit but also protect yourself legally as well.

As far as commissions are concerned to a manager, that is going to be highly dependent on their experience, the rate for the area, and the job that they are going to do. Regardless, I would recommend making sure that they are an independent contractor and not an employee. This will prevent you from having to pay unemployment insurance and also prevent you from having to pay worker's compensation insurance as well. Also, if the contractor is sued, you won't be sued along with them most likely because they are an independent contractor.

As far as a special kind of contract with the renters and the manager, generally, you should include in your rental agreement with the renter that the independent contractor is not employed by you, but is only paid to ensure that the renter's stay is as peaceful as they could possibly make it. Just make sure that if you are creating this agreement, that you ensure that you are not liable for the acts of an independent contractor at all and you cannot be held personally liable for the independent contractor's actions. The reason this is important is in part because if a person sues an employee of yours, you, as the employer, could be held liable under the law. ICs cannot hold the other party to a contract liable.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 6 months ago

Follow up questions are free, so please feel free to ask away. You can also click here in the future to request me individually. If you don’t have any additional questions, were you satisfied with my service today?

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Customer reply replied 6 months ago
Thank you. Where would I find the contract for independent contractor and renter? There are so many on line. What would be the title of them. I realize commission is dependent on performance and I can increase it with bonuses later but can you give me an idea of what is fair to offer to start. I was thinking 30-70 (30 as pay). Should I put this condo in its own LLc or leave it with others? Thanks so much.
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Category: Real Estate Law
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