Still, the sentiment at the city council level is that STR is a positive wave that they want to ride.

My sentiments exactly.

@James Clays - I echo other's sentiments here, but I would also add that once you have a good contact (plumbing, electrical, painting, etc..) make sure to always as them who else they know in the business.

I'll echo the sentiment shared by a few of my colleagues above. 

This would qualify the property for long-term capital gains treatment. also, if you command decent rents, it’s going to help you flip that property at a higher price point with solid tenants.I also agree with the sentiment that if you decide to flip it and pay tax that’s a good problem to have because it means you made money on your flip and that’s the goal!

The supply issue now a bearish sentiment than a bullish one anymore; everyone already factors we are at just ridiculously low levels supply so any uptick is net bearish on RE. 

Circumstances arise that may affect that (job change for example) but if the intention is to deceive and profit that falls clearly in the wrong and there are many BP forum responses from attorneys that echo that sentiment.  

It will be a pain to get someone to talk to you about a deal, deals will usually be suboptimal, which reinforces the "you'd better be prepared to negotiate" sentiment that others have brought up.

@Jason UnderdahlI have the same sentiments as you do right now.

This is my main road block now, as some people tell me I'd be crazy to sell the rental (after all expenses I still cash flow around $700/mo), and I understand the sentiment.