short term furnished rentals

Are there any particular issues with renting out a fully furnished house on a day by day or short term basis, especially in relation to insurance for example?

I'm aware that a property like that would need to be management intensive e.g. cleaning out after the guests leave, replacing linen, towels etc. However, that would work fine with my partner having the time to do that, so it's no big deal.

I'm thinking of doing that with one of my properties because according to my research and income estimations, this would bring in a lot more cash flow than a long term rental. Plus it is located in a suitable spot for this to be a viable proposition.

Is anyone doing this? If so, what do I need to consider before I dive into this option?

BTW, this property is not in a holiday area but near CBD.
 
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