Additionally, for rate-term refinances, many DSCR lenders have no seasoning requirements at all.Easier qualification: DSCR lenders have much lighter qualification requirements than conventional or portfolio lenders, such as no DTI, income verification, or tax return hurdles that can slow down or disqualify loansFlexibility: While conventional and bank lenders are heavily regulated and follow standardized rules, DSCR lenders have much more flexibility and control over their guidelines.

BP Really needs a better understanding of rules & regulations in the Non QM Space.  

There is regulation with it however, and I do think working with a custodian is a great way to ensure you are doing everything correctly. 

Are there current regulations or proposed regulations in place.

A trust is a legal entity that is subject to all the laws and regulations applying to every other entity.  

See if local regulations permits this first, then search on Vrbo and Airbnb to see if there are any sucessful properties in this area.

Specifically, does the regulation still apply if I am the host and reside adjacent to the rental property?

Your mind will fill your purse with coins".Make sure you completely understand the rules, regulations, and bylaws of any condo/HOA you decide to invest in. 

I'm struggling to find ordinances surrounding the requirements and regulations with this strategy in Cleveland heights.

Quote from @Fred Bagirov: I am new to Cleveland and trying to understand the market, rules, regulations (and loopholes, if any) with STR properties.