As a real estate agent, I work with a lot of investors and home owners in the south shore excited about this and looking to take advantage of it. 

The “hot tub show” models will work, but you will do more work on them in the end.  

Of course there is a lot of research to be done.

@Matt Schreiberi think the short answer is... no.but... a lot of inputs missing - which market? 

You can't just insert it in somewhere and expect it to work for your particular situation.There is a lot of stuff in there that is general but you need to make mods to work for you.

Once I took ownership, I put in a lot of sweat equity to renovate the property.

I tried it in an apartment complex and it was an absolute dumpster fire and lost a lot of money.

A lot going on with the City government.

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

I see the same, a lot of STRs without much pool safety at all.