Other crimes that come to mind are brokering real estate without a license, real estate fraud (aforementioned and also possibly failure to disclose), forgery (creating fake leases), grand theft (taking money for rehabs and not delivering materials or completing work), wire fraud, money laundering (operating a Ponzi scheme), etc. etc. 

You will also need to designate an "operator" that will be in the area at all times while your unit is being rented.There is more but like I said Waco's planning and zoning page should take care of you.

It was crazy to think when comparing the risks, how less risky a duplex was vs the 10 unit (huge old building/a lot of operating expenses)The prior 3 years only grossed $75 k on avg which would mean we would lose in first year if it did those numbers.  

I operate a property management company in Indianapolis called Intrigue Indy.

If Mayor Walsh thinks that Air B&B is responsible for rising rent prices in Boston, he needs to think again.My bet is that the regulation will pass. 

Might be that their time horizons and operational model are flawed?    

I just assumed I was operating in a grey area and knew that there were potential consequences, but was okay with that.

Finding a partner with capital is going to be your best bet depending on the size of the down payment needed.

There is a place in the market for everyone no matter what type of business you operate.

Either sell or adapt to operating under the radar.