Thanks for the perspective.As for developing: 1) Make sure your money is solid (you don't want to run out midstream or if a delay occurs...and something always delays you)2) Get to know your local governing body (County Commissioners, Building Dept., etc)3) Don't overpay for the land.

A followup thought...All of the topics discussed on these forums are regulated by one government body or another.

Heading- $20000 / 3br - Investors wanted for 30K, 40K, & 50K houses Body- Dear investors, I have a number of properties in RI and the surrounding areas for investors.

thats why i have a real estate attorney, who, if you think about it, has as much or more on the line than i do. if it isn't a contract assignment or a double close, it's always been the lawyers idea of doing the deal this way and i would doubt any governing body would find objection to doing business like this as long as all parties involved know exactly whats going on (full disclosure), the funds are accounted for on the HUD1 form and the birddog isn't representing anyone in the deal, which they are not.shady, noillegal, not around herecreative, to bureacrats maybeyour other option - make the birddog assign a contract to you.

You'll then see the formation of FDIC and FSLIC and regulatory differences the secondary mortgage market system of mortgage backed securities.

This means the fees aren't actually excessive, just reflecting a new equilibrium (market clearing) price (which may make some buyers unhappy).A 4th possibility: The government will act to 'defend' tenants, imposing price controls or other regulatory barriers to a market clearing price.

When every body was doubting me and telling me not to do it, i didnt  let any of that discourage me.

To me, it's just important to consider what your short, medium and long term plays are and to understand that STRs continue to have new and untested laws, which can still benefit you if you are okay with the shifting and a little regulatory insecurity. 

I don't understand how the governing body figures waiting three months for the sheriff coming out to be reasonable - and you have to pay them a fee on top of it!

Had I not received anything like that, my body language and tone would have changed to hint to them that they do not want me as a landlord.