Then I use this data to make a more informed decision on where I buy, how to furnish it and market the unit.I don't know the local laws in the Twin Cities, but it is import to learn the local regulations if there are some, and fully understand the local sentiment towards short term rentals and if it will potentially change.

@Jesus Moreno I found the New Mexico Regulation and Licensing Department web site.

@Nick G. one of the things I did not consider when looking at LD investing was the differences in taxation and landlord/tenant regulations.

@Paul SchaefleI would start by contacting the village and or Hall and see how they regulate and if they do regulate short-term rentals.

You do not need to give a reason for non renewal unless your state regulations say otherwise.

If it's small enough, there are exceptions, or exemptions, and depending on the location of the investors and property, only state "Blue Sky" laws may apply, as opposed to the federal SEC regulations. 

I am looking to include regulations for a duplex about parking and property maintenance either in the leasing contract  or as an addendum to the contract. 

It sounds like you are talking about city regulations correct?

I do not know if your condo association permits STR but if it does I would rent via STR due to the ocean view at least until regulations prohibit it.  

("Lease-to-own" often misleads tenants into thinking that they have an ownership interest in the house, so I generally avoid using that term.)As a landlord, you will need to be aware of all the usual landlord-tenant and fair housing rules and regulations.