Starting an Airbnb portfolio
some friends and I have started to look into building some houses and renting them through Airbnb/other short term rental avenues. I'm a banker and don't know much beyond the basics of real estate. Keep in mind we are still in the brainstorming phase so please freely voice your opinion/advice when it come to this. Does anyone have experience doing this? What challenges have you faced? What are common things that people new to real estate over look?
Edit: I think it's important to include some parts of our strategy. My friends are not in finance, they started a media company a few years back that has taken off. They bring a lot to the table when it comes to marketing (both traditional and on social media) and producing advertising materials. I don't want to go into the location very much but it's situated in a place that has a number of main attractions that amass a huge tourist population. It is not a city and there is a huge shortage of short-term rentals in the area (this may align with one of the comments below about the town having stringent rules around the topic). Further, the land is dirt cheap and our initial thoughts are to put one of those modern pre-fabricated modular homes. All in, we are looking at about 100k max for the land and house before associated costs of buying land and finding a team to put the house together. The idea here is to leverage their company's reach on social media and marketing experience to turn the property into a 'destination' of sorts - so there would be a lot more effort to market the rental beyond just posting it in Airbnb's site. Again, we just started discussing this week so it's more of a pipe dream as of now, but what I've added in this edit may help clarify some of the strategy behind it.