I had the misfortune of making an attempt, and I wish I would have heeded the red flags.

You and your husband were very smart to ask Open Spaces good questions and not ignore the red flags that surfaced through the process. 

One thing that hasn't been mentioned so far here are the psychological red flags and possible pitfalls involved in the process of moving out of and then turning your old home into a rental property.

We fought for this for several reasons: 1. tourism is our main economy 2. there are an incredible amount of dilapidated homes that could be renovated and made beautiful if the investment return justified it (which STR in a beach town could) and 3.this is a family-friendly, lower-cost and now COVID friendly way to travel. 

You probably won't get caught are famous last words for many people with red cards on their properties before listing it, closing it to flip and sell, or to turn into rentals.

So welcome to the "New-Norm"; NEO-Stagflation: Throttled HIGHER price, throttle higher inflation always on cusp of breaking out to run red-hot and verge of cooling but never going either, lower volume, tight labor.... 

In fact, the only time we ever had an animal do more damage than the deposit was on a set of tenants that had red flags but we accepted them anyway against our better judgement.

Hi Matthew,I second the idea of skimming through the beautiful rabbit hole of Pinterest to get ideas and brainstorm.  

The lake's beautiful setting attracts tourists, making it a lucrative spot for STRs, especially during peak tourist seasons.STR operators in Oklahoma generally need to adhere to zoning laws, licensing requirements, and may be subject to taxes such as sales and lodging taxes.

Too many red flags?