I can't speak to your specific questions, since I'm not familiar with the rental regulations in the UMD area.

I know that this is outside of the regulations of what the city of Austin considers a short term rental which is less than 30 days.Im concerned that it might be foolish to rent 30+ days without a traditional deposit and lease.

There are a lot of rules and regulations taught in those licensing courses not to mention the continuing education that helps us stay current and even speak from a point of comfort with investors. 

Regulating the proper pressure and flow out of the gun is key.

I can’t fathom so many regulations, restrictions, and requirements, glad my properties are across the river in Arlington 

Seen this exact question on facebook (by a different "person"), and I'll say here what I said there: Don't be that guy (or gal).BS like this is how you get legislators to write statutes regulating your activity. 

Check your local town regulations if there are any restrictions on number of people in the home etc.Money wise you really just need to read this site and others about the financial aspects. 

Nowhere in the IRC, regulations, rev procs, revenue rulings, or court cases does it mention you "need at least 10-20 units to justify the hours". 

Thank you Jesse, I will look into the laws and regulations associated with these facilities.

You have already been studying your state regulations, this puts you miles ahead of most new investors since they usually never bother.