Airbnb - registration/licensing

[Conrad Legé]

Hi all,

I am currently in negotiations for a 3-unit property in Chicago that I plan to live in one of units and use at least one of the units as an Airbnb to start with, while renting out the last remaining unit.

I am trying to understand whether I need to apply for both a registration or license number (Vacation Rental) or if a registration number will suffice. In addition, the current owner already has a registration and/or license number for one of his unit that he currently operates. My question is, would I still need to apply for one if I wish to utilize that particular unit as an Airbnb or could I use the current existing license?

Furthermore, am I taking on too much risk if I operate an Airbnb while my registration/license is pending? I want to operate a legitimate STR and looking for insight from short-term rental operators.

Would like to hear from @Syed Lateef