Since then, I’ve learned that California has some stricter regulations, especially around 30+ day rentals.

The key is really knowing your sub-markets and staying up to date on local regulations.

The facility let us change out the tub/shower to a walk-in shower as long as we paid to have it done (we're plumbing contractors so that was easy).

More regulations, tougher to evict non-paying tenants, etc.).

Also, DSCR loans aren't regulated the same way so the rates and terms can change last minute- even right before closing (versus in conventional loans that's not allowed).

Syndications offer long-term equity plays but come with SEC regulations and management complexity.2.

I learned a lot from contractor friends and gutted the house, put in new wiring, insulation, and plumbing as well as added two additions.   

Most communities there have a HOA, and you have to be careful to work within their regulations.

This type of financing is not regulated so it's really up to how the private money lender will structure the extensions. 

It’s a care-driven business first, a real estate play second, and if those priorities ever flip, it falls apart fast.I’ve spent a lot of time in high-regulation environments (especially here in Memphis with Section 8), and the operators who win are always the ones who respect the compliance side as much as the cash flow side.