In 2019, out of the blue, with no warning - reversed 2015 ordinance and largely banned STR (very heavy restrictions).

ProsI have yet to see a HOA that bans "investors" from buying.

One caveat is that whatever you purchase you will want to be sure you analyze it for rental income as well so that if for some reason STRs are banned in your area, or people just stop vacationing in that area you can pivot to a standard rental that will cover the mortgage. 

HOAs are often cash flow killers and you will want to be sure they will not ban STRs down the road.

With all of the building concern regarding plastics and beginning of banning plastic products, there has to be something to fill the gap. 

The registered agent can be either (option A) a domestic entity in TX or a foreign entity that is registered to do business in Texas or (option B) an individual resident of the state.

Many municipalities are restricting them or banning them outright.

If you can stuff 16 people into a 1 bedroom and make a lot of money doing it, some people will.  16 people in the tiny backyard of a tiny house, parking 8 cars in a tiny driveway, is a great way to turn the area against short-term rentals, and it may end up in an outright ban.  2 per bedroom, or 2 per bedroom + 2 people (typically counting everyone age 2+) is the norm around here. 

@Laurence Obi  Ha You are now banned for LIfe !

The problem is that, like more and more cities, Montreal has pretty much banned short-term rentals.