Also - Check your HOA governing docs to see who is responsible. 

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.

If you pull up airbnb on the city, you can see regulation has not been an issue thus far.Regulation is certainly the biggest risk, but Utah is a great state for doing business with usually little government intervention in private commerce.

The Programs includes or covers:- Up to $2.5B in second loan purchases- A maximum programs duration of 18 months- A maximum loan amount of $78,277- A minimum seasoning requirement on the first mortgage of 24 months- Only for Primary ResidencesThe effect of a guaranteed government backed second mortgage for homeowners would be significant and likely put eligible second mortgage terms in line with below market FHA and guaranteed first position mortgage rates. 

Treasury bonds, which are issued by the United States federal government.

Doing that will eliminate part of the hassle but I assume you're aware that you will likely make much less money than with US LTRs and that the laws are much more tenant friendly than anywhere in the US.I know Valencia quite well with the perspective of a North American (and European) as I was going to invest in STRs there after the Costa del Sol but, sadly, they've banned STRs there so I had to reconsider.

Subsidizing tenants and helping the government out for a while, until they will throw the towel in.

If you are earning income of any kind, the folks at the federal government want their piece.

Would the government pay 100% of the rent due to the tenant being on disibility and eliminate the need to collect any portions of rent that a tenant on non-disibility would have to pay.

Again because of the same reason.The real problem is that more (social/medium priced) housing is needed which the local government hasn't been investing in for the last 1/2 governing period.