After taking office, the Trump administration reversed a regulatory effort that put a spotlight on the fees that investment advisors received for managing retirement accounts, which forced the Department of Labor (DOL) to put its “fiduciary rule” on hold.

A banking industry regulatory organization? 

I was hoping someone could provide a synopsis of the regulatory taxes / fees that are imposed by the local government.

Schemes designed to circumvent the prohibited transaction rules and violate the spirit of the law are unlikely to hold up to any regulatory scrutiny.

If you are in a highly regulatory state or a place where lead-based paint is more prevalent, such as Massachusetts, then the cost of doing business would be higher, so it stands to reason that rents would be higher as well.

A quality and successful vacation rental property needs to be in the right location with consistent demand and not run into any local regulatory snags.However, assuming all goes well, the tax planning needs to be taken more seriously as well because of the typical profit due to increased cash flow.

However, that "project manager" piece sounds like something I would enjoy during active retirement, or on the side of my next career.Any thoughts on the regulatory restrictions? 

On regulatory issues, you should be able to get answers from your local Section 8 authority.

No amendment shall be effective until recorded in the Deed Records of ________ county, Texas, nor until the approval of any governmental regulatory body which is required shall be obtained.This would put this at 33 years past this filing.

This is directly from fanniemae.com:Self-Employed IncomeRequirements:The lender must verify the existence of the borrower's business within 120 calendar days prior to the note datefrom a third party, such as a CPA, regulatory agency, or the applicable licensing bureau, if possible; orby verifying a phone listing and address for the borrower's business using a telephone book, the Internet, or directory assistance.The lender must document the source of the information obtained and the name and title of the lender's employee who obtained the information.When it gets convoluted and CPA letters can genuinely save the day is when they are using business funds for the down payment or when it's a job with no license, no website, etc... basically "gig economy" type folks, or the guy that painted your home or tutors math for your kids, even if they report all their income to the IRS and pay taxes on it, can still be screwed.