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

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.

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

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

It seems like many towns are creating new regulations around STR.

If you get serious about a particular unit ask to see the associations bylaws/rules/and regulations.

If you’re looking for information on zoning, regulations and permits, I would start with one of them.  

You should remember that our industry is heavily regulated and, besides, you will be protected by your credit card company if you thought the offer we are giving you was not what it is.”     

Sorry again.As i said before, and I truly meant, start by checking into the regulations and laws for your market of activity.