Step #PhaseStep1DiscoveryTalk to experts and learn (process, tips, design tips)2DiscoveryCreate social media and document story3DiscoveryGeneral research - budget considerations, financing options, permits, regulations, tax considerations4DiscoveryMarket research - competitor analysis, analyze guest reviews, market trends5DiscoveryGather ideas/inspo (blogs, articles, youtube)6DefineCreate brand and vision7DefineCreate guest requirements (e.g. coffee maker, natural light, near activities, etc.) and prioritize must have, nice to have, etc.8DefineSketch idea for look and feel (architecture and design) - map out the floor layout9DefineConsult an architect (is this needed?)

I think you should figure out what the rules and regulations are in your specific state because that will make a difference. 

Multi by definition in law and regulation begins at 5 units.

Or alderman allowing case by case currently city wide but the regulations would make it a right of property owners without alderman approval needed? 

@Olivier Colson You will first want to find out if the locality has any “Just cause” regulations that prevent you from non renewal, or any other provisions that may keep a section 8 tenant in place.

Renting out rooms in a single-family house may be subject to special regulations in some places.Have a well-defined plan in place for room rentals.

Obviously I'm not super familiar with all the laws and regulations in your area but what I love about house hacking is it can be as creative as you want it to be. 

Request data on default rates and how they handle defaults.Check Licensing and Regulation:Ensure the firm is properly licensed and regulated by the appropriate state or federal authorities.Confirm their compliance with all relevant lending laws and regulations.Assess Financial Stability:Review the firm’s financial statements and balance sheets.

I'm diving into the world of short term rentals and looking for some advice on the best ways to research local regulations in different towns and cities within a state.

Understand the rules and regulations of the area you're investing in and how you can rent.