I have been on New Western's deal list as well as another bigger local company and everytime I underwrite these deals there is very very minimal left on the bone let alone contingency funds for going over budget on the flip...

And the laws and regulations here are very different, not very strict like the states.Prices are high and rents are low over here.

California law requires abandoned tenant property under certain circumstances to be sold at public auction.

The state laws (do not quote me) appear to not let these companies increase rates (or its not easy) to pick up the losses.

There's no difference in a local flipping a house than flipping the small mixed-use building that is vacant in town into a couple commercial units and some apartments above. 

I gravitate towards "red states" given the landlord-friendly laws and relative ease of evictions, which unfortunately are unavoidable in the buy and hold game.

Essentially gamifying the learning of real estate jargon, terms, laws, etc!

Like law office, day spa, or some other small company space?

This is related to lending laws/regulations created by the Dodd-Frank Act in 2010.

Our laws require us to offer a rental first come first served (first completed application that qualifies must be offered the unit).