Back 60 years ago the rental industry's rules were very much different from today for my grandpa. 2 generations later,  now im learning to own property with its success in mind.

They can get you pointed in the right direction as far as business licensing, insurance, drug testing, rules and regulations, etc.

There are rules to follow!

I will be seeking financing with my partner, who also has excellent credit.My main concern is the amount my credit score would drop when taking the offer, and if this would adversely affect our ability to apply for financing.

As always, your tax professional should help you navigate these rules and apply them to your specific circumstances as with all tax law, there are caveats and nuances to everything which need to be examined!

HOA's can be a negative so be sure to check the HOA regulations to see if they have any rules around 30+ day stays.

The minimum time that lenders like to see you living in a primary residence is at least 12 months (although there are exceptions to this rule on the grounds of “life altering events”). 

@Neal Daftary there are some great comments here and I would have to agree with @Gregory Schwartz the best rule of thumb is to keep it simple and tailor it to your investment strategy.

Are there specific rules around sharing website links away from BiggerPockets? 

Excessive complaints or three violations in three years could lead to losing the ability to operate​.Impact on Neighborhoods: Non-owner-occupied STRs (Type 2) may cause friction in residential neighborhoods, as they often function like businesses, which can disrupt the local community atmosphere.Recent Regulations (2024 Updates):1) STR operators must obtain a permit for either Type 1 or Type 2 properties, depending on whether the owner lives on-site.2) Platforms like Airbnb are required to remove any listings that lack a valid permit.3) New noise and occupancy regulations apply, with stricter enforcement through permit revocations and finesThese regulations are part of the city's efforts to balance the benefits of STRs with the preservation of neighborhood quality and local safety standards.4o