There's quite a bit of regulatory hoopla. 

Science - real science - depends on theories and experiments that can corroborate and confirm a large body of evidence to create "facts", generally replicable.

Last I checked, they still had an income and net worth test, but even lower middle class people could qualify.That being said and to Chris's point, regulatory filings and operating costs on such a venture can add up. 

Facebook is also a great tool for vetting prospects and identifying any red flags.If your looking to ensure you have a constant stream of bodies to fill any vacancies sticking around the Drake area can have some positives. 

This is going to be a really state specific question, because each state's laws on short term tenancy are going to be different, and the requirements for transaction volume without a license are going to be different.This might be the point where you should call an attorney in California to help you set up the company, as they will discover most of the regulatory compliance issues in the initial research for putting the business together. 

I am similarly convinced this has nothing to do with good investment practices, but rather with making sure they don't put themselves in the crosshairs of building regulatory organizations for promoting shoddy DIYing. 

The neighborhood is a multi-ethnic neighborhood, so there isn't a typical look, other than the fact that they don't look like little skinny white dudes with tattoos running all over their bodies and weigh 110 lbs and the fact that they have witnessed the drug deals occurring right on the street in front of their houses. 

@Lee Arnold  I get it that sometimes people need a good kick in the butt to get them started, but personally I am more the type that decides I want something and don't stop until the pile of bodies jams the wheels, then I'll get out and walk the rest of the way.

Now we are in negotiations for a unit that had a dead body in it!

Some states have explored this in their body of law due to the recent foreclosure surge and some not so much.