Scrutinize every de­tail like inspections, finances, re­ntal demands, lease te­rms, tenant rights and local regulations.

Also excludes all short term rentals that were regulated by any county before the effective date of this bill, and all timeshares.Honolulu county tried to eliminate 30 days rentals a couple years ago with Bill 41.  

If so many people are considering it a "don't do" and multiple realtors are calling it illegal then why is it on the HUD and why are there specific portions of IRS regulations around how to do it properly?

The method for calculating property tax amounts for rental properties can vary depending on local tax regulations and practices.

I'm sure you and your agent have done your due diligence on the STR regulations in your market, but I would encourage you to analyze the deal as a long term rental and verify the numbers make sense.

I believe they voted yesterday to form a committee regarding new regulations on STVRs in the county.

I know Airbnb has a way of changing listings and even blocking listings depending on the regulations in the city/county.

Also open to different type of rentals: I'm thinking co-housing/co-living can be a nice way to increase returns, so will be looking in Belgian regulation for this as well.. 

They should be able to provide personalized advice and ensure compliance with IRS regulations while optimizing your tax strategy.

Unfortunately, as you probably have found out, the rules and regulations are not necessarily clear on owner occupancy.