The third zone is one that is highly regulated, perhaps taxed at a higher rate, but has an established process for STR's and the risk of changes in the laws regarding airbnb or other OTA's is relatively low, simply because those conversations have already happened and the local government has decided that they are going to allow them in the area and have an established process for permitting, etc.

By the time I get down to a candidate I like, I've already run extensive checks on her/him, verified their income, and the forty bucks for the check is just smart money spent.I also think a large part of it is being in the affordable-rentals sector of the business.

And both have county governments that are elected mostly by population centers that are pretty far away — Reno for Washoe County and Sacramento suburbs for Placer County.  

Memphis has a diversified economy supported by major sectors such as logistics, transportation, healthcare, and education.

Yes, Don, of course taxes are taxes, and they are as unavoidable as death and dumb real estate policy decisions by our local socialist-leaning government. 

It seems it was a temporary government sponsored play to help move Department of Veteran Affairs owned foreclosures off the books when there was a glut of them.  

All my rentals are in Kansas in a city that David Greene like to pick on as his Midwest scapegoat (although his criticism isn't totally unfounded, a company there did just land an over $1 Billion government contract so I am happy with my city choice).

We are part of a group that has a structure and rules governing syndications within the group.

This was all just luck of the draw here, but it sparked the interest in doing more in the sector of real estate investing.

There are dozens of these publicly traded and SEC governed.