It depends on the model you choose. Rental arbitrage typically requires £3,000 to £8,000 to cover the first month's rent, deposit, furnishing and photography. Joining the Houst partner programme costs £10,000 for UK and Ireland operators; Australia and South Africa partners use a recoup model with no upfront fee. Buying a property to short-let involves a deposit, stamp duty and setup costs that can range from £25,000 to £75,000 or more depending on location and property size.