If those houses were on the open market why didn't regular buyers buy them, too much work?  

I think one thing that investors are learning is that stopping regular distributions might not be a bad thing.  

Each state is very different and the laws are being revised on a pretty regular basis.

The Panama City market has been sliding forever thus why I never recommend buying much in the city except if you want to move here (still...renting makes more sense at the moment)Investing in the city really only comes down to doing a STR business based either on leverage or co-hosting models as rents are extremely low and there is SO MANY apartments and houses that are empty, doing nothing for 2 or more years.

As a real estate agent and seasoned short-term rental (STR) host with over seven years of experience, I've seen the STR market evolve, especially post-2021, where competition is at an all-time high.

You get top SEC 8 rents over time, with regular annual increases. 

Moreover, if you're interested, there's a great Facebook group you can join called Atlanta Metro Short Term Rental Alliance which posts regularly regarding changes in ATL STR regulation.

STR's I usually manage myself remotely or with a Co-host.

It's something they all seem to deal with on a regular basis. 

I own 2 cabins in north Georgia and co-host 3. https://freedomfindervacationrentals.com