The tenant lost a fridge/freezer worth of food at least 3 times before it was all said and done.

@Rae Stankowski, based on what you say, I would actually be more concerned about a contractor that cannot control their cashflow.  

Let your passion take control.

So if you have good ones, treat them right and don't sweat the small stuff, control what you can and perfect your systems to define expectations, reward them when they do well (bonus for finishing early, bonus for short punch list etc).

Its currently owned by a non profit and they have indoor climate controlled storage units in place and rented, a store front with tenant in place, a vacant and gutted second floor that could be finished and rented (probably about 2000-2500sqft) and a banquet hall with full kitchen and bar that has a max cap.

The reason you lost equity is because appraisers are looking at comps that have sold in the six months, similar square footage, matched bed and bath count, within 3 miles of your property.

I also would like to buy/invest in another property, and am lost as to which areas specifically will be subject to this new strict STR law.

Landlords have lost the rights they should have as property owners.

Rehab costs spiral out of control very quickly for inexperienced investors 3.

Once you get a signed contract from the seller saying that they agree to sell "you or an assignee the property for" an agreed price, you then have the right to buy, sell, or control the property as you wish, allowing the rules and laws in whatever jurisdiction the property sits.In other words, if your state/ city allows you to "wholesale" a property without any improvements, that would be pretty much your process.