As I'm new to this domain, I would to hire a consultant to perform some zoning and other due diligence activities.

Consult with an attorney to provide a purchase and sale agreement in your respective state with an assignment exhibit included. 

@Caryn FischerI agree with Jaron, you should definitely have a consultation with your tax accountant and/or financial planner before you do anything. 

Once again, consult your legal advisor on this stuff, but that's what most of our more savvy clients do.

Always consult with your attorney before you rely on the above information.

I would need to consult tax consultant for this however I expect to reduce my effective costs by ~$1,495/month (based on a 32% tax bracket).2.

Anyone has a recommendation for affordable yet experience designer to help with few hours of consulting to upgrade the look of   new airbnb?

Financing might be a challenge.I would recommend consulting with a attorney, loan officer, and CPA to discuss your specific situation and determine the best course of action. 

We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!

Consult a tax professional to optimize deductions and explore strategies like Real Estate Professional Status or short-term rental loopholes to apply depreciation to non-passive income.This post does not create a CPA-Client relationship.