Make sure you can rent the home for your costs without Airbnb. I bought a house in an area that was perfect for Airbnb. There is no HOA and not many neighbors. Within a few months I had a neighbor who started a petition and lied to the city building inspector. He got the laws of the city changed and almost had all Airbnb's banned. All of us that did Airbnb banned together and barely had it saved, albeit with draconian registration and permitting requirements. Let's just say the city planning board hearings on the law proposals were very heated. Learning point. Things can change quickly.
Other thoughts. The amount of prep for a STR is insane. The place must be spotless or you will get bad reviews. You will spend more time preparing for guests then you realize, whatever you think now... triple it. I also spend big money on house cleaners, pool cleaners, and landscaper, cable TV, utilities and highspeed internet. Depending on max guests, you can quickly max out a hotwater heater, well and septic system. Lastly, your property gets beaten up faster and will always require cleaning after the guests leave. I charge a lot for my home, but I also spend a lot to prepare for guests and to keep it up. The bigger the property, the bigger the prep and headache. That said, you can make pretty good money depending on your market.
