No buyers/brokers will value the house based on the AirBNB rent roll because it fluctuates too much and they don't feel they can predict future demand or regulatory environment.

Lastly I would make sure you consider the regulatory environment.

Personally, I will only purchase in areas where the regulation forecast is not limiting OR if regulatory outlook is bleak, I tend to purchase commercial and resort zoned property before the regulation is in stone and prices go up.If you ever want to chat revenue, cash on cash analysis, or anything STR, DM me

I don't know any hard money lenders loaning to owner occupants, due to regulatory issues.

Short answer is it's regulatory and compliance issues. 

I am really excited about MTRs in our market (Colorado), but that is because of all the regulatory issues surrounding STRs. 

I'm not smart enough in the compliance aspects of publicly traded REITs to speak authoritatively, but my understanding is the regulatory requirements --> too much overhead --> impacted returns... compared to non-regulated investments, at least.The movement of hedge funds and REITs into the SFR rental space in the 2010-201X timeframe is interesting to watch - it's unique at this scale, transparent to watch what they buy and how how they operate, and gives good insight about the market's they pick.  

Monthly testing is conducted to maintain water quality standards and meet regulatory requirements.

And, what the legal or regulatory issues are with paying someone to broker a fundraise.

Find a red state where the numbers pencil.Eugene is instituting a 3 phase regulatory framework.