Market sentiment has shifted decisively toward lower rates, with investors responding to a combination of geopolitical relief and renewed global uncertainty.

And I agree with this general sentiment.

It might depend on the amount of equity, whether the property is sentimental to any of the heirs, etc.

I agree with the sentiments shared above.

I agree with the sentiment that while it may not be illegal, it's not exactly ethical.  

For example, in September of 2023 New York mandated that all short term rental hosts must reside at the property.To avoid regulation change issues, it is key to make sure you are buying in established Vacation markets and that your communicating with the City or County in which the property is located to understand what the current sentiment of the people and stance of the city is on coming Airbnb regulations, and avoiding properties located within HOAs / Condo Associations / Co-Ops.

Suffice to say my relative is not guy and he's basically going to donate all of is a state but for sentimental reasons he'd be happy for me to take over his properties as long as he feels like he's getting a little something out of it.

I agree with the sentiments shared regarding S-Corps as well.

Personally, I wouldn't spend money on an attorney because 1) I think the covenants/restrictions can sensibly be used against STRs and 2) because the HOA potentially has deep pockets if the officers decide to fight because they can pass the cost of the fight to the home owners.I would reach out to the officers to get their sentiments and to plead my case, and I would start building my case with the other homeowners. 

I agree with your discipline sentiment, but people should always value opportunity cost as well.