Each designated LLC has its own governing documents establishing its members, managers, and membership interests.

Read a regulation or seller servicer guide once in a while and you'll know what i mean.

Maybe in over taxed and regulated areas like California where many people are moving away from. 

I read their cc&r and the only thing I found that relates to rentals is a line that reads “Property shall be used for residential purposes only”But I’ve reached out to the hoa and was told “Our HOA regulations say single family home which means No vrbo or short term rentals.”I’m getting confused since I’m fairly certain that single family home doesn’t mean what they think it means.

One must register the vacation rental unit, pay applicable fees, submit a current license as a Transient Public Lodging Establishment (“TPLE”), and provide other required information.

This seems to be a fairly common topic, but I'm curious what laws and regulations make what states more landlord friendly.

So, yes, each new offering is an opportunity to move to 506(c), but for these established groups with established networks that are limited by good deal flow versus capital availability there is no need to change the process and compliance requirements needed with a 506(c) offering, since the entirety of their marketing and raise will be limited to existing investors and/or referrals.Again, for OPs purpose, it doesn't make finding them easier, admittedly, but to imply that 506(c) equates to better operators is not true in my experience.

It's an appreciation market for sure...just make sure you invest in established neighborhoods.

I completely agree that CA is a heavily regulated state and I’d much rather do everything by the book!

I am well established and continue to grow but thought that may be an interesting avenue for capital.