. - Install two new high efficiency condensing boilers, and update windows and insulation for better heat loss performance.PROS - a) minimally invasive; b) can provide 15-30% reduction in heating costs (we are told).CONS - a)total gas expense is still paid by the landlord; b) individual units won't have individual control (except for a thermostat controlled shutoff valve for heat/water in each unit); c) AC would be available on with in wall/window units. 2) Try to individually meter each units' gas and provide each with a traditional forced air heating/cooling system.PROS: a)gas expense could be completely removed for landlord (huge)- even tankless hot water could be installed in each unit; b) each unit would have their own climate control.CONS: a) constructions costs of running new gas lines and soffiting sheet metal duct work. b) highly invasive with collateral construction costs; c) future costs of maintenance on multiple systems vs a single building-wide system. 3) An electric based heating system- This is tricky in my mind because of the high cost of electric heat.

@Sailin Li I am in the Gig Harbor, WA area and the city council has passed a temporary ban (trying to make it permanent) against STR.

We recently banned STRs in residential zones in my town - more than anything it's about protecting the integrity of families and neighborhoods. 

The conditions giving rise to that state of affairs ( short term rentals) can be regulated/banned properly under any philosophical construct of law (even Ayn Rand would approve).so I suspect you’ll find there’s no property right to impose externalities on your neighbors by running a business in a residential neighborhood. fists and noses?

Even if they do, you need to consider the potential risk that your HOA votes to ban STRs in the future, which is definitely a possibility.I agree with Victor that you should put that money towards a house hack or some other rental property. 

You'll get banned and lose your money.

At least the process here will be harder than just a city council getting together and banning it overnight on a whim.

Oftentimes when municipalities ban STRs they will grandfather in existing operators, but if you are mid build when they do that you’re screwed  Once you’ve identified a list of “safe” markets, compare them on Airdna to see where you can likely charge the most (I’m assuming building costs will be more or less similar, so you might as well pick the area where you can earn more revenue)Also, in this market you may be able to pick up land with seller financing instead of having to buy in cash or traditional financing … potentially low or no money down, and won’t affect your personal DTI.

FTC, California DFPI Case Leads to Ban Against Operators of Mortgage Relief Scam Home Matters USA | Federal Trade CommissionOffering to buy their homes and "Save their credit" or "Save them from foreclosure" could innocently put you in the state or federal regulator's crosshairs.

There is a major movement in local politics to ban them completely.