Challenge: It's in a neighborhood (no HOA), and renting the entire property (sleeps 25 in total) caused problems in the neighborhood, due to noise and parties – so we only rent the separate cabins now.

The second part is very personal and different for everyone. 

If a guest stays for one week in July, the owner can't legally rent to another guest until August and must leave their unit vacant for three weeks.

This used to be a near-impossible task for a company like BiggerPockets, but technology and 3rd party solutions are getting better.

Or for the high-end primary homeowner has no legal way to 1031 exchange; so the deferred sales trust is a no brainer.

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

In Las Vegas they decided it has to be away form others, have sound monitoring equipment, ban parties, AND it has to be your primary home that you live in WHILE it’s rented out .

Ordinarily those tenant vacated damages would be too remote, but it sounds like they were contemplated by both parties at the time of contract.Were I in this situation I would be looking to state law to determine if the EMD is truly the extent of my potential liability as a buyer. 

Buying through an agent may provide more transparency, while sheriff sales and auctions can offer deals but often come with risks, like limited property inspection or legal complications.

Legal violations and penalities(fines) even if you have accounting software to track the difference.