Perhaps the building codes have become more restrictive over the years.My grandfather built three homes in my lifetime. 

Is this "must occupy for 12 months" clause in the note restricting me from selling it before then, or is it just to limit me from renting it out.The second is moral/reputation.

Besides this theremay be zoning and land restriction requirements you need to know before making a bid.

We could get all the services we needed plus the backing of a powerhouse hotel chain that could lobby for us regarding restrictions for STR homes etc.

I think in my state the youngest you can legally get a job is 13 and there's a lot of restrictions on hours they can work and mandatory breaks.

Short version: Anything in the VOCA HOA restricts rentals to 1 month minimum.

I know their are some exceptions to the rule that still make an investment worthwhile-  oftentimes these types of areas do not have a huge amount of growth and are actually restricted in growth because of the limited land to build on, which can drive values.  

@Joseph GambinoThe STR restrictions for Orange Beach & Gulf Shores are just in the residential zones.

Google was vague in my research, he didn't know much about it outside of pitching the idea due to the plat restrictions.

They typically have rental restrictions, so you cant rent them out.