Another caveat: there are a lot of STRs out there that are breaking HOA/local government/state/federal laws or strongly bending the rules, and I'm looking for people who did not do that or who mitigated risk there. 

Here's some guidance on buying your first investment property in Southern California or Columbus, Ohio:Down payment:For investment properties, lenders typically require 15-30% down payment on your first investment15% down is possible with excellent credit (700+ score)20-25% down is more common, especially for multi-unit propertiesSection 8 considerations:Pros:Guaranteed portion of rent from governmentPotential for longer-term tenantsMay be easier to fill vacancies in some areasCons:More paperwork and inspections requiredRent amounts set by local housing authorityPotential property damage concernsOther tips:Research local markets carefully - price trends, rental rates, etc.Factor in all costs - taxes, insurance, maintenance, vacanciesConsider starting with a single-family home or small multi-unitBuild a team - real estate agent, property manager, contractorsHave cash reserves beyond just the down paymentUnderstand landlord-tenant laws in your chosen locationI'd recommend talking to local real estate agents in both areas to get more specific market insights.

Less supply + higher rent is what tenants really get with these new laws. 

There're different interpretations of "tangible property regulations" which is the law that controls repairs vs. capital improvements determination.

Staying informed on local laws and market trends is essential.So while that 5-star rating helps boost credibility, it’s just one piece of the puzzle.

See what they say.A wonderful thing about real estate law is sellers must disclose known defects in the property.

@Anthony Wick hey Anthony, not the first property we have owned, I sold a duplex to help pay for most of this purchase, and have a home in Park City Utah that has a mother in law apartment.

This will depend upon state and local laws, I would definitely consult a RE attorney with HOA and/or STR experience. 

More cumbersome and a definite impact is the rent control law.  

Check your specific area's zoning laws.