We purchased our home in 2016 through NACA in Minneapolis, MN. As you may have heard – MN is hosting the Superbowl this year. There is a major hotel shortage and the short-term rental market here is just insane. I am unsure of Naca’s policy in this scenario. I know that we cannot rent our home as an income property but does that include a 4-day one-time rental as well? We could probably stand to earn $10,000 for that stay and I just want to make sure that we wouldn’t be doing so against the terms we agreed upon with NACA.
While I can’t say for sure, I doubt a situation such as that would be a problem. If you were to do a short term rental while you were gone on vacation for a week or even two would typically be acceptable. If we were dealing with a period of more than 30 days, we would probably have a different situation however.
I’ve never run across a question like this before, so just to play it safe, I will check with the National Director of Underwriting for a clarification and will post what I find out here.