There will always be demand in the market (it's not like some covid markets that could disappear as vacation destinations almost entirely over the next decade), and the regulation risk is as near to zero as you can get in this industry so long as you buy in the approved tourist zones (again, compared to some smaller/less mature markets where they could outlaw STRs tomorrow).For short period cash flow there are better options. 

Just be sure to check the local regulations before diving in.

Focus on growth areas, understand local regulations, and use your rental history to build credibility with brokers and sellers.Good luck!

WikipediaPro-business environment: Companies are reluctant to set up operations in cities with burdensome regulations that hinder profitable operations.

North of Austin, the county regulations say you don't have to do it IF you're only doing residential, certain lot sizes and limiting the impervious cover of each lot.

Consider not just the purchase price but also renovation costs, property management fees, and local rental rates.Consider the Property Management Aspect: If you’re not planning to manage the properties yourself, finding a reputable property management company is essential to ensure smooth operations.Stay Updated on Local Regulations: Familiarize yourself with rental laws and regulations in Detroit to avoid any potential issues down the line.Feel free to ask any questions as you continue your journey.

Are there extra steps or regulations I should know about?

I'm very surprised that the government has no regulation on this!

@Josh LemonsThey have a regulation A offering which is open to accredited and non accredited investorsThe great thing is they have to submit their offering circular and have it qualified by SEC as well as submit financial information etc.All this means is the information is readily available and if you do not understand it then I recommend engaging an attorney who can interpret it.

@Joel Wilmoth is a local PM   And and there are others just look through all these threads there are 3 or 4 that have taken an interest and will help.. also if you really think you have been wronged here and its your lifesavings you certainly should let the state of Indiana regulators know what's up its free.