Has anyone turned a commercially zoned property into an STR?

[Clara Brechtel]

Hi, 

I am looking to connect with anyone who has previously bought a commercially zoned property and converted it into a short-term rental. More specifically, I am looking into an off-market property that is historically zoned as a bed & breakfast but is currently operating (not very well!) as a short-term rental that does not serve breakfast. The property includes a 3/3 single family home plus two additional 1/1 cabins. It is located in a destination that has seen a ton of appreciation over the past few years. The part that confuses me is exactly how to comp the property. 

Should I be comparing it to the value of other single family homes in the area or is the value solely based on the net operating income and cap rate since it is commercially zoned? 

Are there advantages or disadvantages to buying a property that is commercially zoned for use as a short-term rental? 

Has anyone ever bought a historic bed and breakfast and turned it into a short-term rental that does not have staff onsite or serve breakfast? 

Thank you! 
Clara 

[Rolly Weaver]

I bought a property and had to change the zoning to allow STR.

We had to go in front of two county boards in order to do so and have inspections with fire department and code department. 

We did this is Georgia, so I'm sure its different in your neck of the woods.

The whole process took around 4 months.