People flee California due to regulations, and costs and then want to implement the same disastrous conditions in Nevada.

Plumbing has been the biggest issue for us but we generally replace a lot of it when we do updates to the kitchens and bathrooms.

I will add an item to this list and believe it should be near the top of the list: what are the current STR regulation and what is the sentiment.  

To demonstrate my technical competence, for my personal house I built a steam shower, installed radiant barriers with rock wool, and a wood stove insert with bathroom radiant heated floors and re-designed radiant floor heat zones, cutting winter energy consumption to 1/8, installed a whole house fan cutting summer energy to 1/2, extensive localized landscaping leading to a reduction to 1/8 the yard work, plus random quality of life improvements like wifi switches, heated floors and toilet seats, skylight install, exposed structural beams, and master bedroom laundry including electrical and plumbing, cathedral ceilings with skylights, a steam shower with wifi controllable lighting and music, concrete countertops, etc. 

Most electrical and plumbing companies here are 24/7 just in case you have an emergency.

We have been managing short term rentals in and around Bozeman since before they enacted regulations on them, and have close to 1,000 5 star reviews.

I see from your response some of the issues I was expecting to be the biggest barriers to entry: capital and regulations/time to get approvals.

You also need to survey the local regulations on short-term rentals if some were going to go that way and see if the area is for or against them, in general.

@Mallikarjun Reddy Pateel  I would also ask for city permits signed off by every department (HVAC, electric, plumbing etc). 

All New Wiring, Plumbing, appliances, Countertops, Kitchen Cabinets, Bathroom Ceramic Tile.