Their only job legally can be processing the 1031 and guiding you through the regulatory maze of 1031. 

These markets typically have lots of competition, higher home values relative to earning potential (since most homes are essentially valued like hospitality assets instead of homes), and lower regulatory risk since the local areas have embraced STRs (rely on them for taxes, etc.).

However, according to securities commissions, this constitutes solicitation and can create issues in Canada.I’m willing to put together a group of 10 to 20 people to create an online community in Canada led by a seasoned asset manager and high-net-worth individual who has successfully raised over $70 million from his time in Bay Street and had his IIROC (Investment Industry Regulatory Organization of Canada) license.We’ve all made this mistake in the past where we only discussed our deals and failed to address and find solutions to the real issues facing high-net-worth individuals.I'd like to offer a six-month mastermind program where I would bring in a highly experienced person who has been training some of the best real estate syndicators and capital raisers in North America.

I don't know what KC regulations are recently but I think in general larger cities are higher risk for regulatory issues. 

What is Environment Society Governance in Real Estate industry and which are some of related initiatives for planning tangible, regulatory and reputational benefits as well risks.

s advertised short-term rental listings have been illegal since the ordinance went into effect LOS ANGELES (CNS) -- The Los Aneles City Council approved a motion Friday aimed at strengthening enforcement of a city ordinance prohibiting unpermitted and non-compliant Airbnbs and other short-term rental operations.The motion by Councilwoman Nithya Raman and Councilmen Bob Blumenfield, Mike Bonin and Paul Koretz instructed the Department of City Planning to report back within 90 days on: Recommendations for how the city can address non-compliant hosts who rent out properties listed as a primary residence but are not used as such, the conversion of affordable housing stock into short-term rentals, the conversion of multi-family residential structures to short-term rentals, short-term rentals engaging in commercial uses/activities, and properties that are rented for longer periods of time than permittedEnforcement mechanisms such as citations, fines, license revocations and criminal penaltiesHome sharing regulatory and enforcement models of other cities, including San Francisco, Austin and New OrleansStrategies for ensuring all home-sharing platforms that operate within the city enter into platform agreements requiring them to share data with the cityStrategies for implementing and improving data collectionWhat staffing or dedicated unit, office or department is needed to consolidate various aspects of home sharing compliance and enforcement in one multidisciplinary team."

The one thing that I will add, though, is regulatory issues.

The challenge/danger for the investor is the regulatory framework.

Largely due to the regulatory "gray zone" they fall in.

The factors here are several layers deep...1- The threshold decision is rooted in local ordinance and zoning...if you're in an area with tight local ordinances you're fighting with the people that live in the neighborhood before you ever reach the city zoning folks...this can go one of many ways2- ROI on the conversion...you're first stop should be with a local architect...they are worth their weight in gold when navigating a project like this and will wade through the regulatory waters much better than you...and a simple phone call may be telling to whether the conversion would be permissible.The extension of this is the cost of the renovation in relationship to the rents received...the stars would really have to align to say you should spend a significant amount of cash to convert a performing building with 4 revenue streams to serve another function (but there is more to this)...and the cost of construction (and lumber in particular) is 5 fold what it was 1.5 years ago...3- As you indicated...exit...I think the only rational reason to convert a 4-unit would be to get condo status or single family/ shared wall and sell one or both of the units to an end buyer (you are basically paying the role of a speculative developer here)...this is happening frequently in locations like Olde Towne East and Merion Village...hard to demonstrate how successful this has been, but it seems far fetched reasonable consumers would pay the same for a  free-standing SFR they would for half of a "duplex" or condo, but who knows for sure.Either way you look at it you're in a residential appraisal situation on the comparable sales approach....4 unit buildings are still "single family" homes.