You have to follow certain code requirements, such as :you can't house more than five unrelated individuals at a timeyou have to abide by all noise ordinances and parking ordinancesyou cannot serve breakfast or else you fall under the B&B lawsTo the question I would have and I imagine others have, Can you buy a property down there and rent it full-time?

How about when family comes to stay for two weeks and you get complaints about noise? 

The standard lease basically says, “Don’t make noise and be a nuisance to the neighbors.”

I wouldn't call losing 1/3rd of your living space, having strangers making a lot of noise in your home at random hours, having to take off work to supervise those strangers to make sure they don't steal anything, and having an area unsafe for kids when you have kids an inconvenience.If you aren't providing a habitable unit the tenants are not required to pay rent regardless of if you say so in your lease.

There could be some pluses - like less noise. 

Pros of this are noise reduction...cons are obvious.

But more importantly they'll eliminate most of the noise that can be overwhelming OOS.

And I've been to almost all the apartment complexes in our area, it's a 12 mile radius in our city and we have almost 30,000 college students so every complex has the noise issues.

Its the same as factories being socially responsible and paying their workers a fair wage, installing landscaping to limit noise, reducing emissions, etc.

The water company will then cut off his/her service, and if left unpaid, depending on the jurisdiction, down here where I am they will then impose a lien on the property. regardless who's name is on the account.For this reason I would suggest getting with the tenant and work something out where the burden can be split.It's not your fault because you don't live there, can't be there to notice anything unusual, like noise behind the walls with water moving when no one is using water.It's not your tenant's fault because they are not "in tune" with home maintenance.