For example, Austin just got hand slapped by the courts for basically banning (severely restricting) the non-owner version so it's only now back to more open than closed market.

Worst case, it gets outlawed in a town AFTER you’ve bought a place there & now you have to sell at a HUGE loss bc there’s no buyer demand once STR use is banned!

You also have communities that are built with short-term rentals in mind which means you don't have to worry about your HOA banning short-term rentals in the future.

Just recently in Palm Springs enacted an emergency ordinance banning rentals for less then 30 days, for properties with 4 or more units.  

CA in general is difficult to do STRs as many municipalities have banned them.

Worst case, it gets outlawed in a town AFTER you’ve bought a place there & now you have to sell at a HUGE loss bc there’s no buyer demand once STR use is banned!

However, note that most condos on the north side of Chicago ban airbnbs.

It is possible that STRs can be banned at some point.  

This is an issue in Colorado as many municipalities have been restricting and outright banning them.Once you have an area in mind that both works for your passion and has possibilities for rental, you need to go and look at VRBO and AirBNB for properties in the area that are similar to what you can get.

Frisco might consider a ballot measure to outright ban them.