Having developed a majority of my career in CA the regulations and red tape for construction and development are intense. 

A walking talking contradiction-Admitting his view of increased STR regulation, then stating it to hurry and buy into his stuff and that market in next breadth. 

Careful going outside state lines -- contract for deed is not allowed in Texas.I didn't think COD is illegal in Texas, just perhaps not recommended anymore, because it is difficult to comply with the rules or regulations. 

Keep in mind all this stuff is uber regulated, very detailed, far from simple.

Just got off the phone with the zoning guy and he said since both of my lots pre-date the zoning regulations in the city, they're grandfathered in so-to-speak, which means I am able to build a single family on each one!

More deals are killed by procedure and regulations than anything else it seems. 

All the regulators have become useless pawns.

Very good point.In the case of Arizona, I have been unable to locate any state law / code that suggests Arizona may have additional regulations. 

So you missing that investors are well compensated for the risk associated with the various policies/regulations. 

However, private financing options are becoming increasingly popular for scaling portfolios.Zoning and restrictions: As you mentioned, regulations for short-term rentals, such as Airbnb, vary significantly.