The IRS (and the regulations) care most about "intent" and pattern. 

I do std rentals but you proably are right about airbnb as long as Austin doen't enact STR regulations or limits.   

Since you have an HOA, you may want to check if you're able to make these changes in you home IN ADDITION to checking with zoning regulations. 

Is rents lower, absolutely, so is purchase price, tax's, often times regulations are much less, vendor pricing is a savings, AND competition is ultra low with most often better tenant class as well usually.

Any input to share with the whole of this community will help all of us to succeed once these regulations are put into action.  

For example, right now you can get a Fannie Mae Single Family Investment purpose loan for 4% - ish and a Non-QM (private) loan for 6% - ish ... these new regulations are probably going to push the Fannie loans more in line with the 6% - ish private loans now, making them more expensive.

Not sure where to find this information or if I'm missing any crucial rules/regulations . . .

I guess my frustration is the ever-increasing regulation of our lives by folks who really have no real world experience in whatever they're regulating.  

I recommend that you establish a written, rental criteria that you and your wife( partner) agree on an that is consistent with the local rules and regulations.  

Obviously for an operator to create a, for example, 506 B fund, they're not going to be able to advertise the investment per SEC regulation.