Implications of converting home from SFR to short term rental?

[Dan A.]

Hi all - can you please help me think through this scenario?

We are looking to buy a home that will be a SFR. One thought that's in the back of my mind though is the potential for turning it into a vacation rental down the road when travel opens back up again. What are the implications if we decide to do that? Do we need to wait a certain # of months / years before we do? Do we need to tell our lender? I'm also interested in purchasing another property - either multifamily or another vacation rental (which will be classified as an investment property from the start) - will converting our soon-to-be current property into a vacation rental impact that process in any way?

Thanks so much for any thoughts / replies.