That's when the regulations were put in place. 

They're currently trying to work with Congress to ease regulations on them (That are in place for a reason) because they are maxed out on margin but still trying to loan out money. 

@Mike Wesling @Marvin Herman It seems Branson is good place for vacation rental, only concern here is regulation risk from the city?

There are hundreds of hotels and resorts, with better location due to city regulation. 

What the does the below regulation mean?

Quote from @Chris Mason: It's not 2021 any more, at this point most things you can make up out of thin air, some lender will do.The question is if you want to pay the corresponding rates and fees....Very true, especially since the DSCR space isn't regulated.

Lot of these common misunderstanding is coming because folks are saying loophole/opportunity for tax terminology and tax regulation.

First with a metro market you need to check the regulations and then also run your numbers and make sure it's profitable.

It is important to consult with a tax professional or attorney specializing in 1031 exchanges to ensure that your friend's specific situation and intentions comply with IRS regulations.

It’s what franchising industry would have looked like if they’d hadn’t chosen to self regulate and get rid of the “bad actors”.