Custodians do exactly the same thing but with the added regulatory and financial scrutiny.

I'm hearing from more and more people who have setup 401k plans with companies that do not offer ongoing support and some don't even support the documents they provided (that is, keep the plan compliant with ongoing document updates as needed for regulatory amendments, no less discretionary amendments).

You're directing all this from memory and by using the notes on strips along with regulatory flight rules.

I'll get ahold of you for my "regulatory" mixer after you come back, and see who you might be able to bring from the FRB.

As you'll see in the article, they've proposed 3 regulatory options, with the strictest of the 3 (21 day minimum stay) being considered as incredibly unlikely by most of the people I've spoken to who are following this closely.I couldn't agree more that NIMBYs pose a serious threat to STRs, but that's true anywhere. 

It placed far more strain on the small and community banks than it did on the mega banks, which could spread the regulatory compliance costs over a lot more customers.With the ultimate repeal of Dodd-Frank, we should see banks finally start lending again, which certainly helps real estate investors.

There are other companies in the STR business who have already sued cities for STR regulation on grounds of violating the constitution and failed.As a landlord though, there is always regulatory risk with STRs.

Iowa's larger cities also in general seem to think adding financial and regulatory burdens on landlords is one of the solutions to crime, drugs, unemployment, poverty - "nuisance properties" as they call them here.

You are correct that there are many private placements, MF and otherwise, that are not as closely monitored by the SEC and other regulatory entities, but are still perfectly legal to invest in so long as you are an "accredited investor".

They may still be a need for auxiliary heat (electric baseboards) in bedrooms - or all areas - either from a regulatory or practical position.Another thing to consider are improvements to the building envelope - air sealing, insulation, windows, doors, etc - will have a bigger impact on building performance than changing out the type of HVAC.We have removed a central HVAC in two smaller buildings (4 & 6 units) and replaced it with ductless split and auxiliary electric baseboard and are pleased with the results.