Unincorporated Los Angeles will vote on STR restrictions soon.

When you pay the $15,000, they will ask you to sign a very restrictive contract that only benefits them.

I think best way to go is choose some areas of interest and verify STR restrictions.

If it clearly states no smoking in or around the premises, then you can fine them (depending on your state restrictions, maybe even per diem), this may incentivize them to quit or place their notice to vacate or you can offer them a non-renewal when the time comes. 

Hey there @Sarah Miksa - That is super surprising to hear that your condo HOA doesn't have any short-term restrictions. 

No restrictions after that.3) Depends on insurer.

Most lenders have restrictions around the ratio of commercial use versus residential use.  

Some flippers just were hit with almost $800,000 in fines for improper removal of asbestos cement siding on one house: https://ohsonline.com/articles/2019/01/25/asbestos...I do not go into detail on asbestos, lead or other hazardous materials, simply because federal laws are constantly changing and some states actually have more restrictive laws than the federal laws.  

Condos will probably be the toughest to achieve cashflow and have the most restrictions.

There are certain rules in California that allow for that very low assessed value to be transferred to a child, but the rules are pretty restrictive in nature.