As an appraiser I’ve appraised a handful of properties recently that are outside of city limits and operating successfully as STR’s that don’t have the same regulations as the city of St Pete.

However, since market shift / rate increase even these guys have slowed down quite a bit.Regarding regulation, I think eventually Indy will have to regulate against Short Term Rentals.

There are markets that have built in "gotchas" like the rising cost of insurance in coastal FL, regulations in much of the west coast states and property taxes in Texas; however, the deal itself is the most critical factor.

You're buying a specific property, in a specific location, in a specific condition, subject to local rules and regulations.

Quote from @Jonathan Greene: What are you looking to do in 2025 to grow, regulate, or downsize your portfolio?

Never invest in any city on this list of the 50 most dangerous US cities.Low operating costs: High operating costs are one of the driving factors for many companies, leaving states with high taxes, regulations, and other costs.

Local Regulations and Taxes8.

Too many rules and regulations. 

It’s not cause the labor is cheaper or the environmental cost and regulations are easier. 

Corporate transparency is already regulated at the state level.