One thing to take note of is that a lot of places that are established STR markets have regulations stating that you have to honor future bookings.

I would look into any regulations that might require you to have a fence around the pool as well :)Hope that helps.

Additionally, make sure you’re familiar with local property laws and any regulations that could impact your investment.I agree with @Jason Wray that you can easily find a cash flowing deal under 200k. 

Having developed a majority of my career in CA the regulations and red tape for construction and development are intense. 

Careful going outside state lines -- contract for deed is not allowed in Texas.I didn't think COD is illegal in Texas, just perhaps not recommended anymore, because it is difficult to comply with the rules or regulations. 

Keep in mind all this stuff is uber regulated, very detailed, far from simple.

Just got off the phone with the zoning guy and he said since both of my lots pre-date the zoning regulations in the city, they're grandfathered in so-to-speak, which means I am able to build a single family on each one!

A walking talking contradiction-Admitting his view of increased STR regulation, then stating it to hurry and buy into his stuff and that market in next breadth. 

More deals are killed by procedure and regulations than anything else it seems. 

Very good point.In the case of Arizona, I have been unable to locate any state law / code that suggests Arizona may have additional regulations.