@Susan PearceIf you are using AirBnB for short-term stays in your residence, many jurisdictions seem to have grey areas or voids in present regulations.In addition to local by-laws on short-term rentals, if you are planning on operating as a business you should become familiar with the provincial tenancy and hospitality/hotelier laws/regulations.  

Risks that I see are rent control (already in some places), lessoning housing regulations (there is a proposed regulation that would let any SFR be converted to a duplex, there is already ADU rules that allow an ADU to be added to most SFR, and parking requirements are constantly being reduced to allow more affordable building options), possibly at top of market (which if past history is an indicator even if Bay area is at top of market a new high will be established in no more than 8 years), potentially any number of other potential Landlord unfriendly regulations (no STRs, disallow criminal checks, rent control (already discussed), longer more onerous eviction procedures (already can take a while in some cases), mandating acceptance of Section 8 (already true in some areas), etc.).You evaluate the return versus the risks and determine if the investment appears sound. 

Do you want to worry about changing laws and regulations on STR's?

You need to thoroughly understand the many regulations and steps and processes extremely well to run something like this.

Would you adjust your business model to account for the current market environment and disregard the rigidity of tried and true models that currently exist?

Honestly, I’m not real sure of the fha loan rules and regulations.

I might have missed something on the government site.I know that in the UK, the regulator there, the FCA, has a path which allows a non-accredited investor (the UK term: restricted retail) to progress to accredited (the UK term: sophisticated).

The best offer so far is a SC State Housing loan, FHA has some regulations to the house, but I’m not sure about this state housing.

You may just want to be clear in your post that you are not posting looking to raise the money, because that would potentially violate SEC regulations.  

Your next step would be to research your state's laws on assisted living facilities (as their called here in Florida) to find out the requirements and regulations.