I would say it would probably depend on your insurance and zoning regulations. I know my landlord policy does not cover any sort of business operations in my rentals. I would verify with your city/HOA before closing on anything to make sure that it would be allowed. I would also get insurance quotes that will cover business operations, especially a day care. I don't have experience with it, but I would imagine those policies would be a lot higher higher than a traditional dwelling policy.