Breaking it down by room can make the process a lot easier.There are also some great pre-made checklists in Airbnb host groups and forums if you need a starting point.

Quote from @John Brown: Quote from @Katie Miller: Are you saying you would long-term rent it from your friend and then run it as a short-term rental? 

Is there a pre existing loan with that bank with either of you?

I am looking into my first property and have been pre-approved for a renovation loan from a conventional lender.

I know this is above and beyond what most municipalities require, but being fair will make the whole process easier.Additionally, a new landlord can reduce the 60-90-day notice by offering more moving assistance (cash and/or labor) if they move sooner rather than later.

To vet guests, you can use a pre-booking form, ask about their plans, and require an ID and signed agreement.

But shorter term debt greatly amplifies risk.  

Airdna wants me to lower the price but I also do not make enough, still better than $0.I will link my few, one has a long-term renter https://abnb.me/AQJoTn3zJpbhttps://abnb.me/ZMAc7i5zJpbhttps://abnb.me/GtVbaF6zJpb

Contract closing date was 45 days hence, during which time I got the pre-arranged funding from a HML.Did not have to show POF as it was online auction.

Maybe if you had a good, secure location to store things you could pre-order stuff you think you might need for your next project(s) and stockpile it.