Since I am not running this site I can't be absolutely sure. As I noticed the biggest problem is plain funding. It does not cost horribly much, but still not free and if you stop paying your site will be closed. So you need to take care of your site and it will not bring you any profit.

Not all hosts allow porn content also many advertisers also will refuse to work with you.

You could host it on your own computer at home but you may run in to problems with your ISP if they will receive some complaints or if something will happen on your site what will attract police
It depends on your location but in many places all kind of porn is illegal even if nobody cares but if police will come to your door they probably will "notice"

Besides those issues, there are no significant problems with 2d or 3d loli content you will not get arrested for running such site.
Government does not care about that stuff. they may care about terrorism drugs and other illegal things but definitely not loli or guro. They may only start to care if they catch you with something else and then use that as extra evidence