I'm and experienced STR owner and manager and multifamily owner operator, so I know about 28 day minimums, local regulations, underwriting, insurance etc.

Low taxes and regulations. 

Hi @Megan Fitzgerald I would be sure to do your research online and it may be worth checking with a local real estate attorney as well or another local attorney who may be familiar with the your areas laws/regulations.

Knowing the rental increase in California is regulated, I am not intending on raising the rent for at least a year if at all. 

There's rent control, rent increases, rent regulations, etc.

With the new regulations Cleveland passed that makes the resident agents liable for the properties, I'd expect property management rates to rise to 20% in Cleveland over the next few years.

I can only say that from our 100s of clients in your situation who are helping family in India and Pakistan own in the US, it widely depends what rules and regulations to follow based on your facts and circumstances.

There's also a law that HOAs are not allowed to regulate property use in any way, meaning they can't tell you that you can't have an STR or LTR. 

What’s your plan B if they ban or regulate STRs like they’ve done in other European capitals.

If you're not working with an agent, I'd be happy to answer any questions you have about our market and zoning/STR regulations.