Tourist License advice required

Hello everyone,

Although I used to own and successfully let a property on Lanzarote, that was over ten years ago and things seem to have very much changed since then. I would like to buy another property on Lanzarote, probably four bedroom, detached, a little inland, Tias, Macher, Las Brenas for example but as far as i am aware I will need a tourist license if I want it to "earn its keep" as my previous properties did. 

Having read a fair few articles on obtaining license but im wondering what peoples real experiences with this system are. What are the real pitfalls of obtaining a license? Is a license absolutely required or is there another way around it? If the next door neighbours object to your use of the property as a vacation let does that mean the Ayuntamiento will flatly refuse to issue a license or are there reasonable circumstances by which those neighbours could be overruled?

Looking forward to reading your responses. This subject is having a serious impact on my decision to return to an island that is very close to my heart.