St. Pete Beach multi-family live and learn
My wife and I want ease into the St. Pete Beach multi-family market by living in and rehabbing a two to four-unit property. Our current thoughts are to pay cash or do minimal financing (to bypass flood insurance ASAP) on a two to four-unit fixer upper and live in one or two units while we rehab the others. When it's done and fully rented, we would then buy a single-family home nearby and continue to manage the property. We might also consider doing short-term rentals in one unit, although we've seen a lot of controversy about this topic. If this is something you've had experience with, here or elsewhere, we'd appreciate any ideas, tips or warnings to help us get started. Thanks!
Most Popular Reply
Hi @Tom Shaw,
I can't say that I'm an expert, so I suggest you contact Pinellas County, and talk to someone in zoning.
I think the parameters for "short term" are: A stay no longer than 30 days, and the owner cannot rent it out for more than 4 times a year. I think that the county doesn't just go around fining people for using their property illegally if we use the above definition. However, in every scenario I've heard about, it was the neighbors complaining about it, because of a negative experience from the Airbnb/VRBO tenants, that caused the authority to fine the hosts.
The correct way is if the property is your primary residence and homestead. So you can live in 1 of the 4 units and short term rental the other 3, legally. Then they are considered guests, and they can stay for however long and no restrictions on how many times a year.
Still definitely urge you to talk with a county representative.
Good luck!