My suggestions:* Requiring code compliance and safety equipment is absolutely valid and should be part of the regulations* Requiring owners live within 15 miles is not necessary since poor hosts whether they're local or distant will violate the 3-5 warning system and earn a suspension.

Step 1: pull recent MLS comps within +/- 15% sq ft, within 1/2 mile or so, within 3-6 mos.

If you go this route, consider properties in higher cash-flow markets like the Midwest or Southeast.

There's very little at that price point, not in downtown, not requiring a bunch of rehab, and within 25 miles, except for this: https://www.realtor.com/realestateandhomes-detail/1731-Hale-...?

These are top drive-to destinations for much of the Southeast, so short-term rentals here can generate solid cash flow, especially during peak seasons.The area is also seeing steady growth, with more infrastructure and amenities being added to support visitors and new residents.

I know it won't help if 100 mile an hour winds come like in LA, but perhaps it could be a start..??

We are currently investing 1000 miles away and doing our second flip there. 

The property is in a great location,  close to stores, restaurants, fair grounds, freeway access, and less than a mile from hospital.

We are based in NYC but are considering (as of now) locations outside of NY but within a 300 mile radius. 

IMO outside of a few small markets in the southeast the midwest is the only region in the U.S right now where you can purchase property with leverage and still expect a reasonable cash flow.