See if local regulations permits this first, then search on Vrbo and Airbnb to see if there are any sucessful properties in this area.

I had 2 STRs during Covid and they were both slammed with people wanting to get out of the big cities with the hordes of people, and away from all the mask regulations, restaurant closures and all that.

Your mind will fill your purse with coins".Make sure you completely understand the rules, regulations, and bylaws of any condo/HOA you decide to invest in. 

I think arbitrage is the riskiest of all str investments for numerous reasons.

@Jackson Sincerbeaux if this is a large hedge fund that is publicly traded, then they are working with numerous brokers and wholesalers alike to find and acquire deals.

Specifically, does the regulation still apply if I am the host and reside adjacent to the rental property?

I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights.

Quote from @Fred Bagirov: I am new to Cleveland and trying to understand the market, rules, regulations (and loopholes, if any) with STR properties. 

It seems like many towns are creating new regulations around STR.

If you get serious about a particular unit ask to see the associations bylaws/rules/and regulations.