What are your thoughts on investing in multifamily in Parma and Middleburg Heights for rentals? 

If the owner and/or tenant restricts access that could make things difficult for you. 

I am also pursuing a flip using a 203k loan, but that is certainly not without its own restrictions and headaches.

One must consider the amount of demand +, the amount of supply entering the market +, the fact that rent control severely restricts inventory turnover of existing stock +,  drives away developers who do not want to be in California due to rent control.

With delayed financing, you have the restriction of pulling out a max of the purchase price plus closing costs prior to 6 months. 

I would double check just to be safe, This may apply in your state as a property manager for other people, but there are very few restrictions when managing your own property.

We just got a letter from HOA going to our entire community posing a vote to restrict short term rentals - see photo of "important input from other communities " - the letter is totally biased.

The minimum size threshold for its usefulness paired with the timing restrictions make it not so useful for most folks I think, compared to other tools. 

Lots of paperwork, overlays and restrictions. 

Guess I will have to give this some thought regarding the restrictions created by having the assets held in LLC.