If it's metered, then utility rates are usually set by a state regulatory agency and utility companies can't just charge a higher rate without seeking approval.

All I can say is that it is most definitely a worthwhile investment strategy, considering it allowed me to replace almost 70% of my income from a well paying 8+ yr long FTE job as a Healthcare Regulatory Compliance Consultant!

The majority of the items were small regulatory and subregulatory items that candidly don't apply to most investors.

the refi proceeds along the way are NOT tax free they are tax differed ergo your need to 1031 to avoid cap gains tax.from what I read about the DST those you must choose the team very wisely as you lose all control.not sure if any of the syndicators you tagged above have any projects that will allow small 1031 investors into their deals.TIC's used to be pretty common then I think things got a little tougher from the regulatory aspect.Personally I would avoid low value assets and keep buying nice stuff that has a good chance of going up in value

This is from a top UCSF doctor who has written books examining the problems with trials and studies:"Last 15 years an increase appetite for uncertainty at time of regulatory approval for drugs and drug products. 

Note STRs in San Diego are continuously under regulatory risk.  

Also, you have restrictor state regulatory requirements.

The end result of all these obstacles and regulations will be consolidation and regulatory capture by the very big players that have enough money and direct political influence to work around this nonsense and stay profitable.

You can structure as a joint venture (typically 5 or less partners) and this avoids the complexities and regulatory pitfalls of a syndication

There isn't much talk about this anymore in many areas (not sure about foreign countries like California) since everything from regulatory issues to financing put conversions out of favor.