I have personally been the guy who hasn't pulled permits and got caught...by far one of the worst experiences of my investing career.

I saw an example recently in Bloomberg about how local regulations can really shape a landlord’s experience, from what I’ve heard.

@Emily Gowen so as you pointed out you would not have to do a 1031 exchange on your current home to avoid the capital gains tax and coupled with what Dave Foster pointed out I think, speaking from experience you would have a high likelihood of success. 

It is important that you hire professionals who have experience working with foreign investors.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Do you have experience with STR? 

We’re thrilled you've joined us.

. - Inefficiency with payouts and administration will be compounded as the FAIR Plan has zero experience with a major pay out and lack infrastructure of assessors and technology to distribute the funds they don’t have.

Can you please help me understand better what potential concerns in your experience can potentially arise here? 

Sounds Like you have the operational experience to turn the place around and make it a winner.