I am open to it though, just didn't prioritize this go around.

Title insurance and lawyers provide a safety net.

Money in my pocket that can be reinvested is safety, that money can't go away.

How does that affect safety for the tenant?

Some munis want to license/permit short term vacation stays for health and safety.  

State and local health and safety codes that set maximum limits on the number of tenants (based purely on the size of the unit and number of bedrooms and bathrooms) may support your limit on number of occupants.

That did entail a safety inspection for smoke detectors and GFI's, and cost about $100. 

Now it's a safety issue and can be more expensive and stressful to address. 

Inspections are usually just for safety, and despite the horror stories, most inspectors don't want to nit-pick.

Before you start, check with building regs, I'd probably say I'm building a closet in a living space, with an owner use is irrelevant so long as you meet safety matters.