Airbnb - registration/licensing

[Conrad Legé]

Hi all,

I am currently in negotiations for a 3-unit property in Chicago that I plan to live in one of units and use at least one of the units as an Airbnb to start with, while renting out the last remaining unit.

I am trying to understand whether I need to apply for both a registration or license number (Vacation Rental) or if a registration number will suffice. In addition, the current owner already has a registration and/or license number for one of his unit that he currently operates. My question is, would I still need to apply for one if I wish to utilize that particular unit as an Airbnb or could I use the current existing license?

Furthermore, am I taking on too much risk if I operate an Airbnb while my registration/license is pending? I want to operate a legitimate STR and looking for insight from short-term rental operators.

Would like to hear from @Syed Lateef

[Julie McCoy]

You need to check with the local entities that manage such things - check with the city, county, and municipality, search their websites (and generally) for "short-term regulations" or "short-term license".  Every area of the country is different in this regard, so you'll want to do your own research with the information that's specific to you.  

One thing I can say - don't use the existing license, in almost any case that would have been issued to the prior owner and is not transferrable.  Find out what the local regulations are and then decide if you can move forward or if you need to wait for any licensing to go through.