Furnished Executive Rentals

[MarkTorgerson]

I am considering turning 2 of my units in a multi family building I have into furnished rentals. A corporation has approached me to do so and are willing to sign leases.

I wanted to see if anyone on the forum was willing to share their experience and knowledge in the executive furnished rental arena.

• Do you utilize a separate lease specific to furnished rentals?
• Does CRA start treating the property as a hotel if you have too many furnished rentals? I understand you need to maintain a minimum of 3 month leases to fly under the radar?
• Do the banks or CMHC shy away from financing or refinancing these buildings?
• Do you run the full amount of the furnished lease through your property manager paying the additional manager fee?
• Any other challenges or concerns that you have run into?

Thanks in advance,