My cursory research for Atlanta Airbnb laws doesn't find anything restricting your right to rent out a second property. 

There are restrictions to doing it this way as the money has to stay within the IRA and can not benefit you in anyway (until you retire that is).Tagging @Dmitriy Fomichenko to help you out with this.

What you are describing as a "flaw" isn't a flaw...it's a restriction or limitation based on the market you are investing in.  

Also, make sure the HOA has minimal amenities and fees, has no restrictions on rentals (is landlord friendly), and sound financials before you buy.Finally, whatever you buy, make sure you can afford to hold it through thick and thin (through a combination of rental and personal income) and you get a great deal ... generally, the only ones that lose out on REI in LA are those that can't afford to keep up with the expenses of the property and are forced to sell or get foreclosed on when the market dips ... sooner or later it will dip, the dip won't last, but you don't want to be that guy in the meantime.

There are also often restrictions on assignments, length of time before resale etc. 

I restrict my gift giving to family.

Some associations have restrictions so you don't want to surprised. 

They couldn't keep bikes on the porch, no nothing.You can restrict the usage for all the residents.

Takoma Park for instance has incredibly restrictive rent control which makes their multistage cash flow negative if purchased with a loan.

However, in Wendell they don't have any restriction like that, it's basically as much as we want so long as we are 10ft from the edge of our property.So, the best advise is to go to your town hall, the town zoning and ask them.