Hey @Michael Le Blanc,
I live in Fredericksburg. I would definitely suggest looking up the new ordinances that have been put in place here. STR regulations have been a VERY hot topic here for the last year (and even beforehand). There is a very strong effort to ban them completely from R1 zoned areas which has made it very difficult to apply for a permit unless you buy a house which currently has a permit in place. (You can find the zoning map online.) But they are working hard to try and make the permits non-transferable. I'll try and remember to look on the city's website for a copy of the new ordinances.
The ordinances only apply to city limits currently so you're probably fairly "safe" in the county. It is a very saturated market here as well so definitely worth really digging in to the numbers and finding as many owners here to talk with beforehand. If you're going to make money here your place has to be really well done. You used to be able to just put your place up and you'd make money but that's definitely changed. I don't have an STR myself but have helped a friend set up and manage a couple last year and it's not as simple as it used to be.
That said, Anna Wynn-Smith and Brittany Horton with Portfolio are really good. They know the market and will really go to bat for you.
There are a few thoughts for you for what it’s worth!
