That's going to help make or break your market decision-- barrier to entry, purpose, and regulations.

Cons might include increased inspections and regulations, potential for property damage, and the possibility of dealing with tenants who have more complex needs.

I have fired customers because of their attitude , there is no law or regulation saying you Have to work for someone .

With all the new regulations and liability, I'm not seeing the same kind of reckless appraising that drove the lead up to the bust.Jay mentioned having cash reserves to weather problems.  

How local governments regulate STRs will determine a lot about the area.

We decided to just give her the initials of all 6 followed by the surname that was apparently common to all.She then complained that there were letters missing from her surname on the mailbox so I asked our maintenance guy of 22 years why & he simply replied he ran out of the letter 'c' as she has 4 in her surname & the initials took up several more.Then she reported us to the USPS because she wanted a 'regulation' mailbox so we complied but then she didn't like the color!!!.

STRs are super popular in Charleston, but there's a lot of regulation now that's only getting worse, as well as some saturation issues.HOI costs will be higher east of I95 in SC for the most part.

The regulations are significant.

There are 5 counties, one incorporated city (SLT) around Tahoe and 2 states Each county has it's own STR regulations.

Lot of great replies on here already - only thing that I would add to consider is getting a few outside opinions from realtors, other hosts, property managers, etc. about the medium to long term outlook for STR regulation in your specific area.