I've dealt with a few cities in PG where they have a "code enforcer" who goes around and maintains a list of properties with violations. 

This statement alone will make others automatically weed themselves out That will also get you a very unfriendly call or visit from a fair housing enforcement official.

If it is a common area rule about storage etc  enforce it.

But actually enforcing them is very, very difficult.

I suggest to project your returns at 90% (that is what the lenders and buyers will do)That said, the town is good because of the military base and proximity to the i35 corridor.If you REALLY wanted to get on this deal (after you do more research), i would recommend that you allocate for a large vacancy during the first 18 months, clean house, offer incentives (super low rent) to a few law enforcement agents and do all your rehab and completely rebrand the property.Remember, you can change almost everything about the property, except the location.

Many optionsAlthough there are many STR's listed on VRBO/Airbnb, I wonder about the STR rental laws that are only enforced by complaints (for now anyway).Don't want to spend 10k to furnish house and then get shut down.

A lot of serious players are doing STRs in Philly (I do not do STR here but feel it is good for the City to have a healthy STR market) and have a lot to lose if the ordinance is enforced.

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

Of course to mitigate risk, you also need to effectively screen for good tenants, have a great rental agreement in place and enforce it, take care of your properties, keep an eye on safety issues, and comply with all the laws for your jurisdiction, (including non-discrimination laws and fair housing laws).For conventional loans, many lender's will require you to own the property in your name, rather than in the name of an LLC.

But I don't necessarily want to live in a HOA, because I don't want some dipsticks standards being enforced on me.