I am new to real estate investing and thinking of starting off by doing a "house hack" via renting out the unused basement as a short term rental (AirBNB, Vrbo etc) in my single family home which is used as primary residence.

I'm basically going to be targeting rehabs and potential long term development plays or retail cash flow plays.  

So I'll tell you now in case there's still time to do something about it:The problem I still have, that I can't solve (but maybe you still have time), has to do with the HVAC system.When you have a single house, and you're renting out the basement, you are asking the house to do what it is typically not designed to do in terms of the HVAC:  1.

Investment Info:Condo buy & hold investment.

Just hold the real estate in an LLC, and DONT make an S corp election.

In my specific situation, the original developer is no longer in the area, and with no HOA or planning and zoning…..what if anything could be enforced against my plans for short term rental?

I suspect that rules in the future will allow multiple ADUs statewide.in summary, I suspect in the future there will be options to deal with this property’s short comings that are not present at this time.  

Just make sure they won’t place a lien on your company.Equity Partner: Consider bringing in an equity partner to help with the $300K down payment in exchange for a share of the property.Renegotiate Terms: Try to renegotiate the closing date or lower the down payment amount.

With this being a buy and hold I am tempted to go in and do the full gut and fix everything up to current standards even though it's not required.

If you don't mind fixing up rough properties, we have found good opportunities in southern Virginia, we do a lot of renovate and hold in the Martinsville area