I consulted with an attorney here in cali that specializes in setting up LLCs.

Short-term rentals of non-owner-occupied properties will also require a special use variance which is obtainable by starting with the completion of an application in the Zoning Department."

There is no way sellers are selling at caps that high unless there is a special circumstance, so buyers just aren't buying. 

Research Reviews:While you mentioned not finding much online, try checking specialized real estate forums, Google reviews, or social media groups.

Many of the people on this thread specialize in LTRs.  

Check your insurance, I’ve seen a lot of people specialize in renting to group homes or care facilities so there must be a commercial policy for this.

Is your target home in a special taxing district?

Hi Michelle,Our management company specializes in Detroit Section 8 rentals.

You should have a good idea of every expense you have in your primary home, then add the STR specific:  (These are rough estimate numbers, depending on various factors)STR insurance - a special insurance that covers both the property and your liability, could be $2~4k in areas without natural disasters, could be more than $10k in some other areas.cleaning fee - approx. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses. 

Both have crime but if you focus your search around university areas specially you should be ok.