From the rough outline that I have been provided, it appears that a condo complex will be ineligible if any of the following apply:- Is transient in nature, offering hotel type services (including those offered by the HOA or management company) such as registration services, rentals on a daily or short-term basis, daily cleaning, central key systems, etc.- Is professionally managed by a hotel or resort management company that also facilitates short term rentals for unit owners- Has obtained a hotel or resort rating for its hotel, motel, or resort operations through hotel rating providers including, but not limited to, travel agencies, hotel booking websites, and internet search engines.- Projects or HOAs that are licensed, or have a designated licensed agent, have a permit to operate, or are registered, as a type of transient housing for the rental of non-HOA owned units.- The HOA receives revenue from, or pays expenses for, hotel type services including a registration desk/rental registration desk, or an onsite rental operator's desk, or a rental website/hosting platformI would imagine, just like in Destin, FL, that there are plenty of cities across the country where there are front desks and management companies running a large majority of the STRs in their complex. 

I second the advice to revisit your model, make sure you numbers and calculations are correct and then start doing a sensitivity analysis on turnover costs and vacancy during those turnovers. 

Clearly your sensitivity to my statement shows on your answers but thank you fir your feedback.

We also do not have a yard due to the nature of townhome living. 

Do a lot of that for the next couple of months; analyze 2-3 deals a night until it becomes second nature to you.

The longer dated the debt, the more sensitive it will be to interest rate shocks. 

I am passionate about getting out of the rat race, freedom, and nature.

So there are always risks....just the nature of the game. 

Short term profit is about 40-50% more and I usually have guests visiting natural areas around or to do with the students in some capacity.

I want to be sensitive to this but at the same time we have a "no pets" policy for a reason.