I'm assuming that this situation wouldn't pass inspection, but one could argue that all the spaces the guests have access to (i.e. bedroom, bathroom) are safe and habitable + the guests wouldn't be exposed to the kitchen.Also, do the city inspectors inspect other parts of the home the guests won't access (i.e. inspectors check the basement for water infiltration even though no guests would ever be living or even going down there). 

The dude asking for advice is a 33 year old retired NFL player and she recommended he check out a $5 or $10 book written by another 33 year old retired NFL player.

Its a lot of work so it needs to be worth it. 

@Chris Wagner- That's just too low an amount to make the claim worth it. 

I will definitely check it out!

For lenders, I have access to private money lenders or if you want to go the traditional route, I recommend checking out Coast to Coast - Jeff Weller. 

Check your contract.

To avoid pitfalls, research liens, check property conditions, and set a max bid before buying.

Hey @Justin Brown, what @John Underwood said is spot on.SLC has been restricting STRs for a long while now and it isn't going to get better.People who have STRs in areas where they are not allowed are breaking the law and will eventually pay the price.Having said that, you should check and see if there are certain areas where it is allowed in some way and that is why they exist there.

Without knowing all of your specifics, I'd say that it's only worth holding on to if you can reasonably expect to have some really good appreciation in the near future (like 5 yrs)....Or, in the case where it would run well as a vacation rental, you could switch the usage, maybe?