Building A Small Property Specifically for Short Term Rental
I am considering building a small "home" (1000-1200sqft) specifically for short term rental in a tourist destination area. I am aware there are often minimum sqft requirements for a home but will cross that bridge later as I don't know where I would build this yet. My idea is to build it on a somewhat secluded lot, two bed, one bath, normal amenities within driving vacation distance from a major metropolitan area. The hook is...the style would be of a high-end hotel room (think Chicago/NYC) with the amenities of a home in a small footprint. Long story short...I want to develop a premium rental with premium rates in a footprint that will keep costs very reasonable. I would initially start booking with services like Airbnb, homeaway, etc. but would like to move away from that at some point...don't want to hitch my wagon to a single horse.
I have not talked about this with anyone at this point, not even my wife. I am looking for some initial feedback on this idea. I could also use some pointers on developing a presentation for investors.