Regulations:Given that New Orleans has strict rules for short-term rentals, make sure to fully understand the local zoning laws, STR permits, and licensing requirements for B&Bs.

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.

The Utah State Legislator passed a law last year overriding all HOA's allowing Primary Residences to have rentable ADU's.

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.

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

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

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

Looks like someone would have to knock on doors until they can get 3 people to vouch that the property has been like that since before the zoning laws were in place (in 1976?)

Check your specific area's zoning laws.

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