Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

To succeed, focus on properties in high-demand neighborhoods like Pecan Grove or Aliana, and ensure your cash flow analysis accounts for high property taxes, potential HOA restrictions, and flood insurance costs.

But, there may be restrictions in the mortgage.

@Jay Hinrichs yes Maui did the same thing after the Lahaina fire, and you're also right that Santa Rosa had no such restrictions. 

However, sold data is restricted in a lot of states so it's not accurate comparatively.I have always found the overall interface average.

They are much less restrictive than other municipalities in South Florida that are actively trying to reduce the number of STRs.Let me know if you'd like to talk further on the topic! 

Deed restrictions are an encumbrance, restrictive deeds can expire and a seller may not be aware if covenants expire or you can use deed restrictions as a negotiating tool and may still change the use without violating a deed restriction.

They are very nice and can be helpful providing you what you can and cannot build on your property (Set back, height restrictions, front look etc).

The success of your cold call (or any marketing) campaign depends on  the quality  of  data (leads)  that you are using.

An HOA can easily restrict someone trying that strategy.