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I agree wholeheartedly, and if you've lived in China I guess you'll be familiar with the concept of "guanxi" which I think translates quite well to real estate.

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It may cash flow for a year or 2 but once things start breaking or something goes south with a tenant or it sits vacant for a few months, all of that previous "cash flow" is wiped out.The business model is a high CapEx / low cash flow business model relative to the value of the assets.Rentals are a great long-term wealth-building vehicle (appreciation, loan pay down, tax benefits, etc).Don’t rely on them to pay for your groceries.Sounds like you have a lot of experience in negative CF, and not in positive CF. 

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The advantage of Reg D over relying on the general exemption is (1) if you comply the SEC can’t come back and say you should have registered and (2) if your sued by a disgruntled investor you have a definitive defense, which means an attorney is unlikely to take an investors case on a contingency basis - unless fraud was committed.  

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lima one does spec loansbuilders capital.they mainly rely on experince they want to see you have done 2 or 3 in the last few years.. 

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This is only happening in areas that have a strong hotel presence, rural areas that rely on cabins or other STR do not have this problem.