@Zachary Barton I didn't pull the trigger on a STR, but was impressed with Hoasty.co when I did my due diligence.  

I would definitely research that before pulling the trigger on a property. 

Are there specific regulations or processes I need to be aware of to ensure compliance with local laws?

This incident triggered every trouble I'm experiencing now. 1) The officer from LAHD is after me saying that I need to register the property as a rental property and evict her with relocation assistance, which cost about $9000. 2) The Building department is after me with the order to comply: which I believe it might be better of demolishing the house and rebuild it. 

Also, be sure to look into the Certificate of Compliance required by Detroit.

The laws are still evolving, so it's helpful to have a co-host that will keep up with the latest regulations, keep you in compliance, and help you to pivot your rental offerings as needed. 

This is where I see so many people get caught up and are never able to actually pull the trigger on an investment property.  

I'm trying to help you be comfortable with what you buy BEFORE you pull the trigger.

Contracts found on the internet from strangers are often dated, not in compliance with your local laws, or plain trash.

5. account for what you do - accounting, legal, compliance.