Make sure it's permitted, warranted, approved by the HOA, and all that other jazz.I wonder how long it will be before the electrical grid collapses.

John, not sure if you are familiar with the current STR situation in Huntsville, but the city has shut down STRs that are not zoned correctly and also not permitted. 

Drop by your municipality's building, permit, and zoning office. 

The non-permitted unit is causing some troubles in getting this deal to move forward. 

I'll give the county a call to see what they can share on the permit count.

Also, streamlining the permitting process could speed things up even more.

I'm wondering if the same lenders who financing STR's would consider Padspits.You may want to check this, but I would imagine that renting via Padsplit would be considered as a STR which have been highly restricted in the city of New Orleans, and the only way you can get a permit recently is to also live in the property.

Verify the zoning laws and any required permits to ensure the property is suitable for your intended use.

The hassle with permits and the municipality was real.

Your budget can not dictate the safety of the project and your relationship with the town and permitting.