It is impossible to time the market and it is likely more expensive to wait on the sidelines waiting for the perfect buying opportunity.One of the main drivers of price appreciation in the commercial space is simply the amount of capital looking for yield which has been further assisted by regulatory changes that make it easier for people to invest.

See below:https://www.richardhornsby.com/crimes/regulatory/unlicensed-practice-of-real-estate.htmlAs I previously stated, these unlicensed brokers are doing EXACTLY as a licensee does with the exceptions that they skirting and are breaking brokerage and state laws, skipped training, skipped testing, skipped licensure, have no insurance, and offer no protection for the public.

Some do both- most smaller specialized firms don't do audits at all though because it opens you to peer review and a bunch of other regulatory issues. 

In terms of building on the land (I'm an engineer) I'm wondering if there are major hurdles I should be aware of OTHER Than the increased costs of building - more related to regulatory, financing, and other risks. 

Just note it's very distressed and has the tax and regulatory threats that you see in the rest of the metro area.

Regulatory uncertainty harms a city's business-friendly image.Want to help?

With the advent of statewide rent caps and eviction controls throughout California and many other, more restrictive ordinances already on the books, landlords are in a challenging regulatory regime.

You can do so on your state's regulatory/licensing website. 

@John Calcaterra every municipality will have its own regulatory guidelines associated with this issue, so make sure to check with the city, county, and state with respect to the property you are looking at.

This means a political change invalidates all the past data for the community.I also strongly believe that in the current regulatory climate, when looking to buy for purposes of STR, you need to make sure that the market has a serious rental supply shortage.