Link: http://www.in.gov/legislative/ic/code/title25/ar34.1/ch3.htmlI already have an appointment with a lawyer but would like any insight if anyone has come across this in their state.

The long term appreciation has been wonderful, an equity rather then cash flow market.I echo the recommendation of getting to know local ordinances for STRs and keeping an eye on proposed legislation. 

You can have groundless claims of predatory dealing or other claims after the fact, just IMO that once they learn of recent legislation they might go there, the danger is not over at settlement. 

Check your local landlord tenant laws to see if this is applicable in DC.Matthew:In many jurisdictions, if there is no written lease, the tenancy falls under a "default" lease in the legislation with a month-to-month term.  

They provide legal forms, a resource desk, events, and legislation updates which are super helpful to someone just starting out. 

Many location specific business risks are the result of legislation.

The more I look at it building multi-family buildings will likely be the best choice in the long term, whether for selling it down the road or just avoiding any kind of legislation changes

The Founding Fathersenvisioned citizen legislators, so ours should serve theirterm(s), then go home and back to work.If each person contacts a minimum of twenty people then it willonly take three days for most people (in the U.S. ) to receivethe message.

I've been trying to understand the pitfalls of buying old buildings ("old" as in built in the 1930s). I know there is the whole "we never tested for lead so we can't say for sure and also we don't want to know" game. ...

If I were in your position (assume young, no kids, quite a bit of money to invest) I would leverage the money into as nice a small multiplex (duplex to quad) that you could afford (maybe Mission Beach) and live in one unit and STR the other units.If this STR legislation goes into affect most San Diego STRs will no longer be allowed to be an STR (at least not more than 90 days/year).