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All the info you need regarding STR is on Waco-Texas.com. Look on the planning and zoning page on Waco's website, there is links for all the info you need. You can also call them, they have always been friendly and helpful when I call.
You will need to apply for a STR permit and get a safety inspection done on the property. There are more regulations regarding the type of STR it is and the location. Also you will need onsite parking and you have to pay a 4% hotel tax. You will also need to designate an "operator" that will be in the area at all times while your unit is being rented.
There is more but like I said Waco's planning and zoning page should take care of you. You'll definitely want to call and talk to someone from planning about your intentions before you buy!