In my eyes this created a bloat. 

There are markets that are very saturated with STR and with vry bloated prices and high interest rates it could be impossible to turn a profit at all. 

And I guess that's the biggest thing, all the bloated over-head they executed BUT same time, transferred who get's the "reward". 

The out-of-state seller utilized a typical property management company which resulted in bloated expenses and a rent roll below market levels.

So I trade risk related to out-of-state investment, with risk to hold huge leverage in over-bloated market in tenet friendly state, but I am losing opportunity to build a skill-set of out-of-state investing which will help me to scale faster and be flexible in the future.If we buy cheaper house but further from the city, we will spend a lot more time in the commute(3 days in the office mandate), in this case we will trade time(commute) for money(affordability) it makes it not an investment, but another work.

Steve Eisman (ala the Big Short, played by Steve Cornell), is pushing for the Fed to not cut rates, saying it could create a bloated stock market and potential crash.

However, it does seem like it would bloat bank reo portfolios with hoa properties.

It is possible to be comprehensive without bureaucratic bloat, in my experience.

Investing as a club into a fund is lack of control squared, bloated with fees. 

Taxes are not good, and our bureaucracy is bloated due to strong towns and weak counties.But there are other ways to look at the state.