And I don't just hold others to my opinion but to regulatory compliance that is in black and white and known acceptable practices and an understanding of what happens next or the effects of what they do.So, Rob, while there is some business stuff in any business, RE included, it's really more about doing things legally, ethically and a good attitude toward people you work with.

And it only speaks of CONVERSION of units, with that there already exists regulatory actions on conversion via zoning for example.

The only reason wholesalers are a "large business" is there is insane demand for deals right now, and the state regulatory agencies just can't keep up with the sheer number of new wholesalers being minted every day by these weekend seminars.   

So long as you proactively keep the property in good shape, and maintain thorough paperwork for regulatory purposes, you should be fine.

The typical home UST ranges from 250 or 500 gallons which tends to fall below the regulatory threshold.

Without going into details under the relatively new expanded definition of securities offerings, adopted by the SEC and almost all state securities regulatory agencies, if a financial investment is involved, and people putting up the money or having money at risk don’t have control of the decision making, then its a securities offering.All Securities offering must be registered with the SEC if they’re interstate offerings, or a state securities agency if they’re intra state offerings, unless they qualify for an exemption from registration.

I believe the market is hungry for such as it's been a bit starved for such since the post '08' regulatory actions. 

Regulators do not give legal advice, they may give their opinion of a regulatory policy.

That changed over the last few years where a back up strategy was an afterthought or non excitant.Headwinds: regulatory, interest rates, house prices, "professional" competition, and market saturation.

As a broker you'll have regulatory requirements.