If the policy contains the following:‘‘This policy meets thedefinition of private flood insurancecontained in 42 U.S.C. 4012a(b)(7) andthe corresponding regulation.’’

As mentioned above, check the regulations. 

Low ReturnsIt's very hard to discern because of the sheer amount of noise in markets (international trade development, explosive technological advancements, changing demographics, change in geopolitical circumstances, change in banking regulations), but the US economy has been fundamentally weakening over the last fifty years. 

STRs run a very high Op Ex ratio so be sure to not over leverage and make sure it can easily pivot to an LTR (and still cashflow) should regulations or other black swan events arise down the road.

As I’m sure many reading this are aware of (it was news to me), there are regulations against selling a property via FHA prior to 90 days of ownership.

It is also wise to know all of the city's rental regulations ahead of time.  

The regulation is more complicated than that and actually has some more opportunity for you that you should have been told about.If you name three or fewer properties on your list then their value doesn't matter (for the identification list). 

At the same time, regulation and materials cost continues to drive up the cost to build, and housing becomes less affordable.

Be warned, La Quinta continues to increase regulation, and I would not be surprised if they stopped issuing new licenses at some time in the not to distant future.Here's some breaking news from yesterday:https://www.laquintaca.gov/connect/short-term-vacation-rentals

Future regulations are to provide further guidance for this test.