.- Licensing or Permits: Check if your area requires permits, as some cities have fees for short-term rental operators.Breakeven Analysis: To calculate your breakeven occupancy rate, add all monthly expenses (rent, utilities, cleaning, insurance, etc.).

Having 4 adults living in a 1/1 is no permitted.

Check out  - https://www.ruidoso-nm.gov/short-term-rentalsThat is all the data to get started on the permit but still check if the neighborhood has an HOA and what the rules are.

Trolling is not permitted on the forums.

If you want to make it easier, look for one where it's all direct replacement meaning the water and gas and appliances are staying in the same place - less permits and less cost.

I have a written office policy manual that explicitly permits my employees and sales agents to carry at their discretion.

The economics do not allow for a property renovation, properly permitted and all deferred maintenance issues addressed.  

What you would presumably do is find land, buy it, ask for a construction permit, hire an architect to make plans and hire a builder (the developer) for the construction.

Also, you may need to check regarding any permits you may need.

@Alaas Amour check with city building/rental dept to see if any outstanding permits.