Mind you, it's never wrong to bring any piece of information to the table but it's a good things to help putting it into perspective.

Or, from a business perspective, much better to use that time and energy to create a STR management business instead of arbitraging.  

I've got a few hundred clients in your exact same scenario, they live in markets where rentals don't make sense whether it be from a price or laws perspective.

We represent several developers in Cedar Park, they all developed for owner user + rentals, but I'd say the main thing from a legal perspective is ensuring good GC and sub agreements.

We are in the middle of major infrastructure and RE growth (res and comm) and need to know how best to handle the property we are on from both a short time and potential long term investment perspective.

I respect your many years of experience Jay but want to bring some perspective from the other side of the table.In a corporate office which is running 10, 20 or even 50 projects at once (depending on the firm size), what is the benefit for the Architect to drop their other projects to jump on yours quicker?

As a local investor, I always recommend starting where you live—it gives you a better grasp of the market and makes management easier.From a purely numbers perspective, investing in a high-cost coastal market like San Diego has allowed me to grow my wealth far more quickly than I ever could in the Midwest.

I'm interested in hearing different perspectives.

The numbers I’ve been running look really promising from a short-term rental (STR) perspective, and the area seems to have favorable STR regulations—or at least a lack thereof.

From an owner perspective, that does not want to deal with an STR it may be good.