Not only because of the lodging industry getting cannibalized, but once the money hungry city's realize the amount of lucre they aren't siphoning off effectively they will be even more prone to get in the mix.

Hardly anyone is goofy enough to buy 5 house on one lot or an old motor lodge.

If you decide to buy this place, then make it lead free, you will have to abide by the EPA regulations and everything else associated with MDE and abating lead. .. you will be using EPA certified contractors, you will have to put the tenant up (at your expense) in temporary lodging with temporary utilities (i.e., a hotel/motel), etc., etc., etc.Much better to do a full risk reduction (lead safe) or go lead free with an EMPTY unit.  

Agree that you need to lodge this with an experienced real estate and corporate attorney.

What's the tax like in your state (lodging tax)?

Some localities also make you charge lodging taxes which are not always known when using Airbnb or VRBO.  

an area I have never really investigated and it sounds like you would need to have a Bed and Breakfast permit.DHS 197.03 (Section 3) "Bed and breakfast establishment" means any place of lodging that provides 8 or fewer rooms for rent to no more than a total of 20 tourists or other transients for more than 10 nights in a 12-month period, is the owner's personal residence, is occupied by the owner at the time of rental, and in which the only meal served to guests is breakfast.Thanks,

It covers the house only and lost rents as well as provides lodging for the tenant if it becomes necessary.

We’ll be shipping BOYT’s premiere hard gun case to the first 50 guests who book trips to any of our dove hunting lodges in Córdoba – and we’ll throw in a free gun rental when you get here.

Now I'm definitely staying in the ski lodge.