If you put "no felons" in your ad, you violated the last administration's HUD policy of "ban the box".  

I just saw an old BiggerPockets post where someone mentioned that this suburb of St. Louis requires that a landlord renting a house to live within 50 miles of the town. Can anyone confirm this? Is this more for short ...

You risk being permanently banned for violating Airbnb, to what, save your guests 15 percent?

Sometimes HOAs will have rental restrictions in place banning short term rentals. 

You can do well if thing are done just right, but there isn't much stopping the owner from not renewing the lease, regs changing that ban STRs or restrict or simply trying to live through a market downturn.You would then be left with a house full of furniture you have to sell or give away and all that lost $$$ you spent to set it up.

Eventually they will start cracking down or even ban them outright due to people flaunting the law.Your best bet is to live cheap and save up.

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!

It's true that a LOT of Oregon cities are looking to ban STRs, but it is NOT directed at VRBO, but AIR as well.

Also, have you made sure the complex has no plans to vote on banning STR in the future? 

The laws/ordinances for STVR is ever changing, in some areas cities have put complete bans on short term rentals, while in other areas there are no restrictions.