You should reconsider looking for a property zoned for short term stays.

Our lender has informed us that we need 12 months of rental history to use the actual rent for financing purposes, or we must rely on the appraiser's fair market short term rental value.

Quote from @Joy Daniels: As a short-term property manager I've seen how this industry changes so often—new guest trends, tech tools, and regulations seem to pop up all the time.

I agree that the best way to make money is self manage your short term rental (not AirBNB, that is a platform).

Pros - attractive to some renters.

I've considered areas close to the Falls, but sellers seem to price it a lot higher assuming the buyer can make it up renting it short term. 

Quote from @Brendan Jones: When it's a home you intend to live in, I lean towards focusing on what you want, then making it work as best you can as a short-term rental.

Hey @Eric Andersen, so there are a lot of regs in the DFW area.https://www.fortworthtexas.gov/short-term-rentalsRentals are not allowed in residential districts: A-#, AR, B, R1, R2, CR, C, D, UR.Dallas recently banned STRs in single family homes but there was an injunction that blocked it.

An easier route would be to convince him to go in on the short term rental together in a partnership. 

Airbnb is considered STR (short-term rental).