Can I buy and live in a short term rental?

Joanne from Maine asked:

What are some best practices or tips for working with a third party service or company for help maintaining and renting out a property as a short-term rental when it is not occupied by the owners? Would it be reasonable to expect a profit on a short-term rental property that was purchased for part-time owner occupancy? Or is it better to have a “break even” mentality where the rental income covers mortgage and expenses when the owner is not there?

And Eric from Honolulu asked:

What are your thoughts about buying and living in a unit in Ala Moana hotel? What are the hidden costs and inconveniences first time buyers are not aware of? (Maintenance, assessment fees, cleaning fees, no parking, complaints about non-local Mantra management group?)

This short clip came from our Aloha Friday Hawaii Real Estate Show which goes live every other Friday on our Hawaii Real Estate YouTube channel or our Living in Hawaii Facebook page

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