They also have strict rules for renters about sharing the kitchen, cleaning, etc. with monetary penalties for not complying. 

It should be noted that wholesaling has been regulated pretty strictly in Pennsylvania and wholesalers have to have a real estate license now among other things so there's likely less wholesaling going on in Philadelphia as in other places. https://consolematison.com/2024/06/12/new-legislation-on-res...

If you are thinking of doing it in Los Angeles, it is likely a pass.The City of Los Angeles has put in strict rules on what kind of properties can be used for STR and for how many days.

Again, worth mentioning, is that conventional guidelines are actually more strict than FHA guidelines when it comes to DTI calculations and qualification. 

Evictions, resident's passing away, posting notices, doing preventative maintenance walk throughs, resident complaints, neighbor complaints, skips, move outs, turnovers, emergency maintenance, etc.I used to be strictly on the ownership side, from 2016-2020 I hired property managers.

It seems like it is more at the behest of the hotel industry and the few permit holders wanting to protect their captured audience, because they strictly disallow hosted STRs, whether that be an ADU, extra room etc.

I completed a 1031 exchange two years ago, but found the strict time limits made it difficult to find a good deal.

Might be coming in a little late, but we strictly have done entitlement and development projects. 

Still cashflows a lot and uses debt responsibly to expand a little faster.I'm curious what you are looking at when doing a deal similar to this to make the right cash offer of not too little but also not too much when thinking strictly in terms of cashflow.

Revenue-wise, they crushed it, but their median home price (like Austin's) and regulations being more strict pushed them just out.