It may be that the FHA itself is revising its own policies which I'm pretty sure it can do without legislation from Congress so long as their policy doesn't conflict with some existing federal law.

Significant capex because of older buildings and legislative risk.

@Jay Bob Keep in mind that under new NY legislation you are limited to a 5% rent increase.

With that being said, I have kept up on this legislation and I imagine it will change within the next 1-2 years. 

The only other way you're going to get a comprehensive, non-misleading analysis of your situation is to head down to your local law library and study up on all ordinances; whether county of city, all state legislation, and all federal law.

Reason number 1: many cities, counties and municipalities are drafting or enacting legislation and laws to prohibit such use of real estate as it affects the hotel industry who is all mighty and powerful and can weld laws their way much like a great blacksmith crafts a benchmade knife.

I believe that the State of Texas would need to pass legislation to override Austin from enforcing its own existing STR rules and the next Texas Legislative Session does not begin until January 2021.

@Matthew Stallings Hollywood, FL is pretty STR-friendly; however, I would recommend waiting until this summer before pulling the trigger as there is some legislation going through the Florida government as we speak that could potentially affect the STR market.

And they are written and updated by the same attorney that writes most of the WI landlord tenant legislation, so always up to date.

But here's a few sites you can go to where you can do more research and get some more info:https://cal-rha.org/legislative/ab-1482/https://a17.asmdc.org/issue/ab-1482-frequently-asked-questionshttps://www.naahq.org/sites/default/files/naa-documents/naa_-_tenant_protection_act_of_2019_ab_1482.pdfBest of luck.