Anyone doing short term rentals in Hudson County, New Jersey?

[Stephen Beckwith]

I’m an inexperienced real estate investor living in Texas, and I’ve come across an opportunity for a very unique home in Jersey City, that I think could be a good short term vacation rental. It is steps from Hoboken and a short train or bus ride into Manhattan. But I don’t know much about the vacation rental market in the area. It’s a 3 br home with a detached garage that (with a lot of work) could potentially be converted into extra living space. It has parking for two cars, which is extremely rare in the area. I haven’t worked out all the numbers, but I would likely need to clear 6-7k monthly to make it worth it. I know there are some weird tax laws in Jersey regarding vacation rentals. Has anyone been doing vacation rentals with success in this area? If so, any advice? TIA!