Turnkey Listings

"Turnkey Airbnb — fully furnished, proven revenue, keep the bookings!" These listings look like the easiest sale in STR. They are actually the one with the most hidden ways to disappoint a buyer. The word "turnkey" describes the furniture, not the business.

What transfers — and what doesn't

• Permits often DON'T transfer. Many jurisdictions issue STR permits to the operator, not the property. Your buyer may be applying fresh — into a cap, a waitlist, or a rule change since the seller's permit was issued. This is the single most important verification on any turnkey deal.
• Reviews NEVER transfer. The listing's 4.9 stars and 300 reviews belong to the seller's platform account. Your buyer starts at zero reviews, which means lower initial ranking, lower initial occupancy, and a slower first year than the seller's trailing numbers suggest. Price the ramp-up into the analysis.
• Future bookings sometimes transfer — via platform co-host handoffs or cancellation/rebook arrangements — but assume friction, and get the mechanics agreed in writing before closing.

Verify the revenue like a skeptic

Lesson 7 applies double here: platform earnings reports or tax returns, not the seller's spreadsheet. Confirm the revenue was earned under a permit your buyer can replicate, at an amenity level that conveys, without owner-supplied advantages (their photography, their pricing skill, their five-year review history) your buyer won't inherit on day one.

FF&E in the contract

Furniture, fixtures, and equipment: get a room-by-room inventory as a contract exhibit, with exclusions listed explicitly. "Fully furnished" has a way of losing the good espresso machine, the wall art, and the hot tub cover between contract and closing. Also confirm how FF&E is valued for lending purposes — some lenders won't finance personal property, which affects the price allocation.

Full walkthrough: Buying a Turnkey Airbnb.

ACTION: Draft your standard turnkey question list: Is the permit transferable — confirmed with the city? Earnings reports for 24 months? FF&E inventory as an exhibit? Booking handoff plan in writing?

Next lesson: offer and closing strategy — the STR-specific clauses and timing moves that protect your buyer.