Wholesalers can leverage realtors’ market knowledge and legal adherence, while realtors can benefit from the off-market property leads that wholesalers provide.Regulatory MeasuresImplementing regulatory measures that guide wholesalers' operations can assuage some of the mistrust associated with them.

And like some body-snacher flick this parasite has taken over the "wholesaler" space all but totally, zombified creature feeding on your capital vs brains although they do consume a considerable amount of ones patience as well. 

What are some of the recent legal or regulatory changes that have impacted your work?

For reference, your typical setup costs for a true syndication with all the regulatory filings and documentation is likely going to be around $10k or more.  

Trying to educate myself on all the rules that I need to follow from regulatory perspective before the property is rented.  

BP does not need busy bodies.

I'd add index funds, reits, equity markets have benefit (and overhead) of greater regulatory oversight/compliance providing some protection/assurance for shareholders.

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.

I've always thought that the annual Fair Housing training we always had to take in banks was stupid and almost insulting to our intelligence, but after seeing your post, I would highly recommend seeking out and taking courses on Fair Housing, ADA, and other relevant real estate-related regulatory courses.

Have you done any detailed research on land availability near Sedona, regulatory issues, builders for the type of property you are contemplating, conservative revenue forecasts based on actual comps, cost of a support network (cleaners, maintenance, etc), cost of utilities?