1. Is it legal?
Consider local laws, taxes, HOA agreements and leases. It is important to find out whether short-term rentals are even legal in your area. Even if short-term rentals are legal, your rental lease or your Home Owners’ Association (HOA) may have rules against guests, subletting your space, or restricting the length of a sublease or lease.
Follow all local laws and building rules. Airbnb has a summary of short-term rental laws in over 50 U.S. cities. Make sure to get the necessary registration and business licenses, and that you pay your local business, occupancy or other applicable taxes. Get the go-ahead (in writing) from your landlord or HOA.
There is nothing worse than spending thousands of dollars on setting up a rental and then having the city (or your landlord) shut you down, or—even worse—fining you. Make sure to check your local laws, your rental agreement, your HOA documents, etc. before starting your short-term rental business.