Need Help! Need Higher income than just long term rental. Ideas?

[Joe Polyak]

Hey Everyone,

I recently bought a house in Oldtown Scottsdale Arizona on E 6th Street. It's myself and 2 partners, one of them lives in Scottsdale while myself and the other live in San Francisco. We originally planned to use it as a vacation rental property. Everything was going well and our cash flow was quite high. Then we got a notice in the mail stating that we have been cited for non compliance with the local ordinance that short term rentals are not allowed in a residential zone. When we purchased the house, we saw plenty of others doing airbnb and vrbo, and the realtors told us it was totally fine. Obviously I didn't do enough due diligence. The city only enforces the ordinance if someone complains, and it turns out that our particular neighbors are very vocal about their dislike for vacation rentals. 

At this point, if we rent it out to long term tenants, we'll be stuck with no cash flow at all - break even. Due to the proximity of this location, I was wondering if anyone has an ideas for something else we can do. I was thinking we can potentially use a website like: http://www.arizonasnowbird.com/user/registration to rent it out for several months at a time.

If anyone has an ideas please let me know. Highly appreciate any and all feedback!

[Thomas S.]

If standard rental is not going to work I do not see you having any option but to sell.

Your neighbour is going to keep a very close eye on you now and you are not going to get away with any tricks.

You should cut your loses now rather than wasting time trying to do something that in the end is not going to fly.