Mid term rentals are a great option in this city as the legislation with AirBnB is ongoing and makes it difficult, plus competition with Casinos.

and all of the rest of us in the state have been watching it closely, fearful of this kind of legislation spreading (has already into Cleveland, maybe also other cities in the southern part of the state).  

There are many things to consider when choosing the best market such as cash flow analysis, appreciation projection, population & economic growth, legislation, taxes, diversity in the economy, rent to price ratios, rental demand, etc. 

You'll need  to evict 10-30% of them to get a good solid tenant base.C) You /Your inspector missed a something during due diligence like bad septic tanks/sewer pipes, old trees that need to come down, some legislation that causes you to replace safety equipment, a bad parking area with a spring under it, a leaky roof, a bad boiler.D) A recession hits and your occupancy/rents drop.E) Some utilities are being owner paid boosting expenses past 50%.Again in the interest of keeping things simple let's say one of the above five things drives your NOI DOWN to $40k for the first two years so instead of making $10k each year for the first two years you lose $10k each year.

In California, we belong to the California Mortgage Association which is a group of hard money lenders and vendors dedicated to continued education, netowrking, and legislative issues.

Also, new legislation is on the table which would make leases automatically renewable for the tenant. 

Has anybody here ever had a lawyer "review", not create or draft, docs for them... perhaps an annual check against new legislation, etc.

Because of the Patriot Act* and other legislation the banks have massive reporting requirements to the federal government which adds a lot of costs on their end.  

The only thing that I would be cautious of at the moment is the current slowdown in airBNBs in many market due to over saturation and possible legislation that can limit STRs in the future in your market.

Collecting you payments on a financed option won't hit the threshold for all servicing requirements as much of that is intended to conform banking and mortgage servicing issues, but you are still subject to the collection practices for consumer debt.Foreclosure laws have been touched by federal legislation as well, time limits for notices and demands, restrictions on who can "assist" someone who is in foreclosure, credit counseling or those suggesting how to avoid or seek relief from foreclosures are required to have a license under HUD direction unless they are an attorney.