What makes people prefer airbnb than hotel these days, especially the rate of hotels are relatively competitive (airbnb becomes more expensive than it used to be), i.e. is it still a viable business for the most part? 

All it takes is one inspector to be perticular about the measurement, and it could cost you your entire basement, or add the cost of trying to lower the slab After you completed your remodel, which means a lot of rework...One additional bit of information related to the City of Chicago Building code which I hope will help someone in a tight situation down the road.

You are probably going to killed on costs there.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

You'd pull 10% of THAT to cover your expenses, and your account would keep growing..Look at your opportunity cost / alternative investments...

These costs +/- are $2,000 per year total.

35-40% is a more standard realistic operating cost. 50% is too high.

Quality costs money but there is overkill. 

I'm not a title agent, but I presume there are fixed costs involved in any kind f services.

What cost-effective options are out there?