Primary residence to short term rental

[Jim Smit]

Hi,
I will be living in Beaufort SC for the next 2-3 years or so then will be moving back to Canada. I have never owned a home before but I’m considering buying a place here, living in it while I’m here, then short term renting it and using it as a vacation property when I move back to Canada. 
Any tips or advice would be really appreciated!

[Patrick Roberts]

Be very cognizant of the STR and HOA laws and codes wherever you plan to do this. SC Coastal towns have gotten very strict with licensing, regulating, and permitting for STRs. In many places, new licenses are not being issued for STRs. Also, some municipalities require that the property be your primary residence and that you live on site to manage. Many HOAs are no longer allowing STRs within the associations.

Overall, it's a great idea/theory, but execution has gotten much more difficult between regulation and market saturation in some more popular areas. I'd still say for go for it if you can find a property that qualifies, but be thorough in DD about the regulations/permitting. Enforcement on STRs is pretty strict right now.