Understand the local permitting requirements, keep eyes on your property to avoid squatters, and make sure you have a great vacant insurance policy while you're renovating.

For our ADU (garage conversion), I am handling the design/engineering and then selecting a final contractor once its permitted and ready to go. 

As someone who has served on a permitting board, I can tell you that a good relationship goes a long ways.

Great hosts will be good neighbors, will contribute to local tourism and will pay their taxes and permit fees* A major area to improve on the proposal is the 1 hour time-limit for resolving complaints.

Sometimes, buying an existing property can be more cost-effective and less time-consuming and maybe require slightly less permits, etc. 

Just make sure you have all the required permits, including alcohol.

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

I develop land in Nashville from finding the deals, getting all the entitlement and permits, financing it, to building it in house with my GC license.

One key factor to confirm is whether the STR permit is transferable, as regulations can change.

Thanks again for your input, and I'll probably reach out as I get further along in the process.Hi @Edward Zachary Samperio, the regulations aren't that difficult and I'd be happy to give you a quick rundown about the density limits, hotel occupancy taxes, permitting, etc.