These issues create clouds on the title.

Any market can work, you should consider a market that you have some 'competitive advantage' compared to others.Think of an area that you grew up in, went to school, visit friends / family, visit often, best of luck.Also, do you have any experience in rentals / short-term rentals.Air-bnb's hosts have become 'commercialized'.You will not out-perform a host who has years of experience, does this 24/7 and has a team of support.Best of luck.

If so, what supersedes, the lease/rental agreement or the "contract" that host and guest agreed to when renting through Airbnb.

I ask them not to book since there is cancellation penalty for hosts.

How many IFBB pros you planning on hosting

We are hosting a real estate meet up monthly in Barcelona and meeting a lot of people with the same questions and need of building there contacts. 

I told @Ian Pascua about a real estate meetup we host every first Saturday in Kihei. 

I haven't seen any, but understand some attorney's now are threatening pretty nice suits for falsely filed memos clouding title. 

Your ability to execute on a good strategy and be a good host is more important than the market that you choose.

Allowing the "idea" of rental cash to cloud your judgement when the simple math is staring at you, will keep you poor.