Air BNB Business in New Orleans?

[Chris Wolfe]

I recently traveled to New Orleans, and would love to invest in Real Estate there.  Pretty decent apartments in the french quarter start around $200k.  My family and I were discussing the possibility of purchasing something and using as an air bnb for a few years until it became at some point, only for personal use.  I looked at what air bnb's seem to go for there, and with a 20 out of 30 night per month occupancy, it would not only pay for itself, but cash flow nicely.

I'm not a new investor at all, but completely new to this type of model.  Can anyone with experience tell me:

a.)  What pitfalls should I beware of NOLA, specifically the French Quarter

b.)  What potential pitfalls could arise in this type of business model (other than check your local and state ordinances, thats obvious)

Any advice would be very helpful.  Thank you!