Are you eyeing a slope-side condo in Teton Village and trying to decode the rental fine print? You are not alone. Rental programs vary by building, and the details can change your personal use and your bottom line. This guide breaks down the rental structures you will see, the fees that matter, what lenders and HOAs look at, and a practical checklist to compare buildings so you can buy with confidence. Let’s dive in.
Rental program types in Teton Village
Condo-hotel programs
Condo-hotel programs operate your residence alongside hotel rooms under a single brand or manager. You benefit from a front desk, housekeeping, professional marketing, and revenue management. You may also access hotel amenities like a spa or on-site dining.
Expect a long-term management agreement that usually binds future owners, possible mandatory participation, and defined owner-use limits. These programs are turnkey and can drive strong occupancy in shoulder seasons, but they often carry higher fees and less control over how and when your unit rents.
Short-term rental pools
Association or building-run pools aggregate multiple units under one reservation system without a full hotel brand. You get pooled marketing, shared operations, and a standardized guest experience across participating residences. Some pools are mandatory, others are opt-in.
The accounting can be gross or net of expenses before distributions. Fees and rules vary, and some programs pay limited guarantees for a period. You typically trade some control for efficiency and scale, with costs that fall between self-management and hotel-level programs.
Self-managed rentals
You (or a third-party manager you choose) handle marketing, bookings, guest communications, housekeeping, and compliance. You keep more control over owner use and can push for higher net revenue.
The trade-offs include operational effort, vacancy risk if marketing underperforms, and strict attention to HOA rules and county licensing. For some investors, the added control and potential net gains outweigh the workload.
What drives your net income
Owner-use limits and blackout dates
Condo-hotels commonly limit owner use to a defined number of nights per year, often within a range seen in resort markets such as 30 to 90 nights, with potential blackout periods during peak weeks. Rental pools may set seasonal rules or require notice for owner stays. Self-managed options typically allow full owner use, subject to HOA rules and county licensing.
Fees that matter
Your net depends less on headline nightly rates and more on the fee stack. Key items to review include:
- Management or commission: Often 20 to 40 percent of gross in resort properties, with higher-touch branded programs at the upper end.
- Housekeeping and operations: Charged per stay or deducted from revenue. These can materially impact net.
- HOA dues and assessments: Amenity-rich complexes usually carry higher dues. Always check reserve funding and any recent special assessments.
- Marketing or program fees: Some buildings add marketing assessments or program-specific charges.
- Reserve contributions: Confirm the HOA’s reserve study and funding status to gauge future assessment risk.
Revenue splits and reporting
Structures differ. Some programs distribute gross revenue less commissions and direct costs, while others pay out a percentage of net after all operating expenses. It is common in luxury markets for owners to receive 50 to 70 percent of net, but the exact mechanics vary. Prioritize transparent owner statements, seasonal occupancy data, and P&Ls that show all deductions.
Guarantees and minimums
Occasionally, programs offer short-term guaranteed payments or minimums. Scrutinize how guarantees are funded, whether they survive a sale, and what fees accompany them.
Taxes and filings
Short-term rentals are typically subject to state and local lodging taxes. Many management companies collect and remit on your behalf, but some place that responsibility on owners. Rental income is taxable, and you should consult a tax advisor on deductions, depreciation, and the federal rule where very limited rental activity may not require reporting if specific criteria are met.
Financing, HOA, and rules that matter
Warrantability and lending
Whether a condo project is “warrantable” to major mortgage investors can shape your loan options. Resort buildings with heavy short-term rental activity, hotel-style structures, a high investor share, or significant commercial space may be deemed non-warrantable. That can mean larger down payments, higher rates, and fewer financing choices. FHA and VA financing typically exclude condo-hotel units and many short-term rental projects. Ask your lender for a project review early and confirm the specific building’s status.
HOA governance and rental rules
Read the CC&Rs, bylaws, and any owner addenda closely. Determine whether a rental pool is mandatory, what minimum stays or advertising rules apply, how owner-use windows are set, and whether on-site management is required. Review the HOA budget, reserve study, delinquency rates, and special assessment history. Long-term management or rental contracts that transfer to new owners deserve careful legal review, including fee increase provisions and termination clauses.
Local rules, permits, and taxes
Teton Village sits in unincorporated Teton County, so county land-use and licensing rules apply. Verify what short-term rental licensing, registration, safety standards, and lodging tax remittance obligations apply to your property type. Clarify in writing who collects and remits lodging taxes, and confirm appropriate insurance for vacation rentals.
What lenders and insurers review
Lenders often request rental history, HOA financials, occupancy data, ownership composition, and proof of adequate insurance. Insurance carriers assess short-term rental exposure, claims history, and compliance with safety requirements. Expect to secure a vacation rental endorsement or commercial coverage rather than a standard homeowner policy in many cases.
Seasonality and local factors
Jackson Hole demand is multi-season, with winter skiing as a primary driver and strong summer visitation for hiking and national parks. Shoulder seasons fluctuate by year. Properties near lifts and resort amenities often command premium pricing.
Branded hotel programs can lift average daily rates in peak periods, but owner-use windows must be balanced against those revenue opportunities. Look beyond annual averages. Study seasonal P&Ls to understand winter peaks, summer performance, and shoulder season variability so your expectations match the building’s rental cadence.
Compare buildings with a checklist
Documents to request
- Full rental or management agreement, plus any amendments and owner-use addenda
- HOA governing documents, current rules on rentals, and any on-site management requirements
- HOA budgets for the current year and prior 2 to 3 years, reserve study, and recent meeting minutes
- Detailed P&Ls and occupancy data for the subject unit and comparable units, ideally 2 to 3 years with seasonal breakdowns
- Recent owner statements showing gross revenue, deductions, and distributions
- Marketing and distribution overview, including channels used and revenue management policies
- Written tax collection and remittance procedures, with proof of compliance when available
- Any guarantees, with legal structure and funding source
- Evidence of project warrantability or lender letters, if available
- Master insurance policies and required owner coverages, plus claims history
Key comparison questions
- Owner-use: How many nights per year, what notice rules, and any blackout dates?
- Fees and splits: Exact management, housekeeping, marketing, and assessment fees; how and when can they change?
- Reporting: Transparency, frequency, and whether P&Ls are audited or independently reviewed
- Operational control: Opt-out rules, notice periods, and penalties to leave a pool
- Performance: Seasonal occupancy and ADR compared with similar Teton Village buildings and nearby alternatives
- Financing: Warrantability status and typical down payment and rate expectations for this project
- Compliance: Licensing, tax collection responsibilities, and evidence of remittance
Red flags to note
- Long or irrevocable contracts that transfer at sale without clear termination paths
- Underfunded HOA reserves or frequent special assessments
- High HOA delinquency rates or pending litigation
- Opaque accounting or inability to produce verifiable seasonal P&Ls and occupancy data
- Managers that collect lodging taxes without documentation of remittance
Match the program to your goals
- If you value personal use first: Look for generous owner-use policies, clear blackout calendars, and predictable costs. A flexible rental pool or self-management can fit if you want control and easy access for family time.
- If you want balanced lifestyle and income: A well-run pool with transparent reporting and mid-range fees often offers the best mix. Confirm seasonal performance against your intended use windows.
- If you prioritize yield: Self-management or a high-performing branded program may produce higher net returns. Focus on the fee stack, seasonal occupancy, and evidence of revenue management. Confirm financing viability early if the project is non-warrantable.
Whatever your priority, compare net owner distributions after every fee and tax obligation, not just ADRs or gross revenue. Align owner-use rules with your calendar before you fall in love with a floor plan.
Your next step
Choosing the right Teton Village property is as much about the rental program as the residence itself. Our team can help you secure the documents, benchmark seasonal performance, and coordinate lender and insurance reviews so you buy with clarity and confidence. For discreet guidance tailored to your goals, connect with Graham Faupel Mendenhall & Associates.
FAQs
What is a condo-hotel in Teton Village?
- A condo-hotel is a residence operated as part of a hotel, with centralized front desk, housekeeping, reservations, and brand marketing, typically governed by a long-term management agreement.
How do owner-use limits usually work?
- Many condo-hotel and rental pool programs cap annual owner nights and may set blackout periods in peak weeks, while self-managed options usually allow full use subject to HOA and county rules.
What financing issues should I expect with resort condos?
- Projects with heavy short-term rental use or hotel structures may be non-warrantable, which often means larger down payments, higher rates, and limited conventional loan options.
Who collects lodging taxes for short-term rentals?
- It depends on the program; many managers collect and remit lodging taxes, but some place responsibility on owners, so confirm in writing who handles registration, collection, and remittance.
How do I compare net income across buildings?
- Request seasonal P&Ls, occupancy, and owner statements, then factor in all fees, housekeeping, HOA dues, assessments, and taxes to evaluate net owner distributions rather than gross revenue.
