Great realtor to back into values2. builders to get idea of vertical sq ft costs3. land planner/ engineer for the city county state permitting process.So I find out the big rocks.. then hone in a property that seems good.put it into contract .. then I hire a consulting engineer land planner to do a feasablity study.. if your an existing bigger client they usually do them for free .. in exchange to get your work.but most likely you will have to pay for it.. 5 to 10k is what you can expect.this will include what needs to be done for regulatory approvals.will include environmental hurdles IE who you have to hire / do yo need a wetlands study etc.basic take off on infrastructure costs..

I'm also open to providing insight to others in the regulatory/land entitlement process.

Trying to navigate the regulatory waters and see what hoops we would have to jump through to list a 4Bdrm house as an Air BnB and am finding some conflicting/confusing information.

Another con to be aware of is regulatory risk.

That maybe market risk, tenant risk, property risk, regulatory risk, etc.

So to answer your question, first con is regulatory compliance costs.Second: financing considerations. 

Get his license number and look it up at your state regulatory agency.

For regulatory purposes, the lender has to pay the $30/month or so for the loan servicing company, which worked out to around .25%, hence the odd number. 

A private money or pure asset based hard money lender may be a better option since they aren't bound by the same regulatory environment as a bank.

I refer you to Florida Statues 475.42 and 475.43 and the following URLs. https://www.richardhornsby.com/crimes/regulatory/unlicensed-practice-of-real-estate.html https://swflreia.com/2016/01/19/unlicensed-real-estate-activity-florida/ I have been a Real Estate Investor, since 1998.