If occupied, I would look for proof of deposits in an escrow account; copies of signed leases; all permits on file with city (if required) for rental housing; proof of taxes current; proof of any city required COO (certificate of occupancy) permits/regulations being met; proof of all utilities current. 

Cities all over Europe have initiated bylaws aimed at regulating and taxing short term rentals.

You'll definitely want to check local city regulations, a few coastal towns have been cracking down on them.Here are a couple of photos of my current BRRRR rehab!

@Luciano Armani I don't believe there are any hard and fast rules or regulations on RUBS.

But I don’t know if this is standard practice, or if regulations require it.

The owner of the crane company ran for city council, won, and helped repeal alot of the regulations that were hindering his business. 

I can not imagine having anyone calling themselves a contractor ever leads to a bad outcome  ;) got s to be very careful in Texas.. no doubt.. its not Oregon.. which you know is highly regulated.. to the point you cant even flip homes without a developers license.. which 99% of home flippers don't realize until they get fined by the CCB

Things to consider: PM is very time consuming and there are a lot of fair housing rules and regulations you have to keep up with to make sure you don't break the law.4plexes are fine and can get you a conventional 30 years mortgage but economically they behave more like residential than multifamily/commercial properties.

Also keep in mind, being licensed opens you up to much more scrutiny with the real estate regulators in your state.

Odds are they have something there and that you can read about the rules and regulations.