However, HOAs can also be a double edged sword with fees, restrictions on rentals, or even special assessments.For flips, condos might have less upside since you can’t control the overall property value like you can with a single family home.

@Arif GungorurMake sure you check any HOA or development restrictions.

Many people still make money in CA even with the restrictive laws and many people lose money in "landlord friendly" state with cheap properties.

Rules and restrictions, and traps that don't apply to any other kind of businesses, only the rental market.I think this puts the landlord on the defense.

"Limited supply due to tough zoning and restrictive permitting process, high construction costs, and expensive dirt, and population increases (guess AI hasn't gotten the memo that population has actually decreased)". 

These states impose a state tax on any realized gains from the sale of investment properties.

There are no restrictions on foreign property ownership in Portugal and transaction costs are generally low.Portugal will grant a 5-year residency permit to non-EU citizens through Real estate investment (the program is called Golden Visas, look it up).

The restrictions, requirements and timelines on these are very specific and one mistake can be very costly. 

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

Federal Cares act alone is causing over 5 billion in damages for it's moratoriums imposed on landlords.