The main risks are void periods, where the property sits empty but your rent obligation to the landlord continues; tenants or guests failing to pay, leaving you liable for the shortfall; disputes with landlords or tenants that disrupt the operation; legal non-compliance, such as subletting without proper consent or operating without the necessary HMO licence; and changes to short-let regulations. Managing these risks requires thorough market research before taking on a property, watertight contracts, and active day-to-day management.