If you're going to try something that you're not sure about, think about what you can do to minimize your losses if it doesn't work out.
For example, say you have a rental and you list it in a new place. You get some inquiries about a furnished place. Interesting. Should you furnish your rental?
Plan A
It's going to take some investment to furnish it. You'll need beds, furniture, small appliances, pans, dishes, and more. You probably want to also decorate the place to make it more attractive. This can take a lot of cash out of your pocket; but you can also rent it for more.
Well...
What if something gets damaged? What if you can't find another tenant that wants a furnished place after this one? What if you don't like renting this way? You could just switch back to an unfurnished rental and take everything out and go back to the way you did things before.
Plan B
But now you're left with all this stuff. If you don't need or want it then your going to have to sell it. This important to think about before you buy anything for your rental. If you buy all new stuff then you're going to take a hefty loss when you sell it. If you buy used stuff you're likely to get most of your money back and there's even a chance you could some of it for more.
Yes, it can be hard to find nice used stuff, but as you get more experience in furnishing a place you lower your risk with knowledge and then you can experiment with mixing in new or more expensive items to fit your designs.
Other Plans
Your plan B could might be changing from a furnished place to renting rooms. Maybe it's doing short term rentals. Maybe those are your plans C and D.
Whatever the case, it's good to analyze your options to rebound if your initial plan doesn't work out because it will help you determine how best to setup your initial plan so you can better transition into something else.
Document The Process
Our app, GovernRent can help you keep track of expenditures when furnishing a place so you can keep expenses in check, know what you spent for taxes, and know what you'd like to sell things for if you go for plan B. It can also help you know if putting up the money to furnish it was was worth the increased rent.
-Billy