You need to be familiar with this legislation where they can ask for reasonable changes to the home at their own expense.

A flick of the legislative pen can wipe out your income engine.

It is currently a decent market, but starting to get saturated with Airbnb and STR properties since the city passed favorable legislation 6 months ago.

They have very strict legislation that they enforce rigorously, which focuses on STRs that operate in residential areas (which at this point they will not issue a permit for unless you are an owner-occupant; existing permit holders are grandfathered in, until they get their permit yanked for one reason or another).  

Typical damage per month around $50-100.Recommend to be sure to buy in an area where you can convert to LTR and cash flow well without issue, should legislation not go favorably.

I'm interested to see how this all shakes out & what exactly makes it into the legislation that will be debated. 

In case you have not already heard it from somebody else, after all the legislative changes and Alabama Supreme Court rulings a few years ago, there is NO WAY for ANYONE to get their hands on that overbid money unless the property is redeemed.

The industry will have to build out tools to support the new legislation.  

A number of states, including the two I am involved in, Texas and Arizona have enacted legislation controlling contracts for deed.

Some states have redemption periods, some states have no redemption period and you end up owning the property from that day forward.http://www.in.gov/legislative/ic/code/title6/ar1.1/ch25.html is a link to the Indian statutes for tax deeds.