Gatlinburg, TN STR where to start with fully owned property

[Alice Kepchar]

Hey there! I created this account by advice of my brother in law who is active on here because I want to give some good guidance on where to start.

My parents own a 2 Bed, 2 Bath condo with (including a balcony and fireplace and a pool is on site as well) in Gatlinburg, TN that they are considering turning into a STR property. The property is a 5 minute drive into the downtown Gatlinburg area,(honestly it's like a 15 minute walk if you wanted to do so). It also butts up to the edge of the Great Smokey Mountain National Park. You are in walking distance to enter part of the park and are very close drive to the main entrances. There are other owners already renting out their units. They own it outright and are currently only having to worry about a monthly HOA payment and any sort of taxes.

They are heavily considering turning it into a STR but have no clue where to start besides knowing what VRBO and AIR are and knowing they would have to register it with the city.

Do they need to get any special insurance? Should they start with a management software or would self-managing be a better first start? Are there any sort of upgrades they need to consider straight off the bat?

I am excited to see my parents reach this new stage of their life and I am more than excited to get them on the right track by starting here!

Appreciate any and all responses!
AK