IE you have 1 bedroom of 3, then 1/3 of these indirect costs would be personal in nature, the rest business.One additional (major) item to keep in mind is that the short term nature of Air BnBs can be more akin to a motel/hotel (ordinary income), and not 'rental' income - ordinary meaning it could be subject to Self Employment tax if you end up showing a profit. 

Is there much of a profit margin available for converting old hotels into condos?

In the last five years I have worked as a manager of construction team ( mainly building houses, apartment houses , hotels) .

But hey, who cares about financial laws anyway, it's just $100,000 in fines and/or up to ten years in a federal hotel, per screw up, no big deal! 

I have had too many religious groups in hotels that party hardy to think that just because its a religious college will prevent parties.

I would also check if there are any farms that have addition selling or if they are also used as a store or hotel. 

The time when I moved to FL and I couldn't book hotel for more than 3 nights and re-booked after 3 nights.

In between I had a successful career in the hotel business as an executive Sales and Marketing Director for individual hotels or as a Regional for resort companies with as many as 14 hotels.

Occasionally, she would have to get a hotel when they shut down Kenosha Pass in the winter.  

Houses aren't fungible like airline tickets or hotel rooms.You are equating the services of a real estate agent to that of a marketing platform and transaction facilitator both of which are certainly vulnerable to technological efficiencies.