Worth it to get into rentals via Airbnb?

With my son recently getting accepted into the Math program at the University of Waterloo and me working almost exclusively from home, I figure it will soon be the time to think about moving into a different space and possibly trying out Airbnb rentals. My wife and I don’t need so much room and my son will be staying in residence at the university. If we sell our current condo, would it make sense to start looking for a property that is split into 2 or 3 units, which us living in one and renting out the rest? I don’t really want to consider normal rental as that means if you happen to get a bad renter you are stuck with them for a while. With Airbnb, it’s only short-term stays.

I know there are plenty of things to consider before starting up an Airbnb property. Do the local laws allow it? How much are other similar properties in your area charging? Are you willing to be a good host and put up with the occasional problem client? Are you OK with occasionally having things in the property damaged or destroyed? Are you OK with noise even when guests are supposed to be quiet after a certain time in the evening? Are you OK with confronting troublesome guests? Are you OK with cleaning up the property once guests leave? I believe I am OK with all of this.

I am actually excited about the idea of working out what to buy and set up for the property. I’ve already started a list of requirements and have been pricing out options for each requirement. Planning an informational binder for guests will be fun as well. I plan to make it a hundred times better than the kind you find in hotel rooms. I want my guest’s experience to be much better than they expect.

I will be talking with my real estate agent and mortgage broker at the end of the month. This will be an ongoing research project for me and may or may not come to fruition. Follow my blog to stay informed of my progress and please post comments if you have any experience or suggestions for me.