We had zero regulation over STRs here for a few years when Airbnb first started back in the day, and truthfully it was bad: whole blocks of downtown were basically hotels for a little while there and it started to feel more like a commercial district than residential.

There are hundreds of hotels and resorts, with better location due to city regulation. 

Looking at several hotels in the area that would be good conversions into multifamily with subsidized/section 8 housing.... some of the rooms are less than 200 sq ft with no kitchenettes...

@Art Giacosa What you are proposing is a more complexed entity structure than my past employer who owned a hotel portfolio valued over $1 Billion dollars.

I believe due to my citizenship, I could potentially get a hotel license (?)

That point I would have to put them up in a hotel or some temporary housing in order to get the place fixed up.

We have an analyzer for hotels and maybe throw in one or two parking sites, but it's not really built for a large complex.

As hotels can't compete with 3 beds and above and certain locations.

This mansion was formerly a formal Bed and Breakfast. it has the legitimate hotel fire protection devices and systems such as stairway lighting, pull down alarms and a full commerciall alarm system which are a bouns $40-50 k system not found in other places.

Most of private REIT that I tracked, don't experience a downturn since April, while the majority of public REIT experiences an average of 5-10% losses, the loss is more if the underlying asset is in office or hotels sector.