It would be written up the same way you would as a month to month, except change the wording to week to week.
The thing to keep in mind for paying monthly on a week to week is some months have 4 weeks, some have 5 weeks. This would make it relatively hard to put it in a lease like you are saying as the amount would flucuate per month. If they do want to pay monthly, either put them on a month to month lease, or tell them that they can pay monthly, and the amount would be pre-paid for a certain amount of weeks.
If you decide to do this method, it would probably be a good idea to set up some sort of calender with them, or send them statements...
Be careful. Consult your tax advisor first to understand the tax consequences of operating a weekly rental business.
The IRS classifies a rental operation where the average tenant rental term is 7 days or less as an active income business, similiar to operating a hotel or motel.
Just a couple tax effects of a weekly rental business -- You lose the passive income loss allowance; and, your net income is subject to self-employment income taxes.
It would be written up the same way you would as a month to month, except change the wording to week to week.
The thing to keep in mind for paying monthly on a week to week is some months have 4 weeks, some have 5 weeks. This would make it relatively hard to put it in a lease like you are saying as the amount would flucuate per month. If they do want to pay monthly, either put them on a month to month lease, or tell them that they can pay monthly, and the amount would be pre-paid for a certain amount of weeks.
If you decide to do this method, it would probably be a good idea to set up some sort of calender with them, or send them statements...
Chris
Be careful. Consult your tax advisor first to understand the tax consequences of operating a weekly rental business.
The IRS classifies a rental operation where the average tenant rental term is 7 days or less as an active income business, similiar to operating a hotel or motel.
Just a couple tax effects of a weekly rental business -- You lose the passive income loss allowance; and, your net income is subject to self-employment income taxes.