Overall you will be fine, but expect some bumps in the road, it always happens.

Sec. 8 is fine if you are not in NYC, Newark, Jersey City, Weehawken, Irvington or The Oranges.

a) You should say where you are if you want specific advice.b) The only work-around you'll get if you sneak around any Planning Dept is a hefty fine (in my experience)

Needless to say, properly manage your tenants and you'll be fine.

Are you "telegraphing" fine, you'll give a PP but need all the contingencies, it's going to be a process of many step's?

Not true in all cases but it is true in most cases - which is why people need to read the fine printFor example our investors are not unsecured as they are on the equity side not the debt side.

I MAY not think it’s worthwhile, but if someone else does I’m fine with that.  

There is a fine line between testing the limits and analyzing yourself out of a good deal, so something to be cautious of as well.

Ceilings need to go too, but floors are fine except for a few problem spots. 5,000 sq ft.  6 kitchens, 6 baths, and about 35 total rooms, closets, hallways, etc. 

I've seen many owners in Vegas get big fines for operating illegal STRs.I own 2 STRs in Big Bear CA which is about 4 hours away from Vegas - aside from buying something you can add value to, I'd absolutely recommend not getting into somewhere too remote that it's hard to find good people who can work on it.