Make sure it's permitted, warranted, approved by the HOA, and all that other jazz.I wonder how long it will be before the electrical grid collapses.

I still live in the home and have repaid any past due property taxes and HOA assessments.

is there an HOA??

College STRs are a great idea if you want something small, but I would look for small 2 bedroom SFH over condos just to avoid the potential assessments and condo captains (HOAs).

And of course, most homes have HOA's (homeowners associations) that can be $20-$250/month to pay for community maintenance, sometimes lawn care, cable/internet, amenity upkeep, pool, security etc. 

We don't have any in HOA neighborhoods.

Stay away from HOA'S and condos(my personal rule)Pick tourist destinations.

As for a Home Owner Association (HOA), whether it needs to comply depends on its legal structure and tax status.

Any community with an HOA will most likely prohibit any short term rentals.  

One of the first things you should do is to check the HOA rules to see if they allow STRs.