Jacksonville has been building at record levels and is/was one of the highest cities in the country delivering new housing units as a percentage of existing housing units.

I recently added a half bathroom out of existing space in a very high cost market.  

., if this was a 506(c) offering, and the sponsor did not make "reasonable efforts" to confirm all investors are accredited, than that is a direct violation of rule 506(c) from the SEC.If this was a 506(b) offering, there needs to be an existing relationship with all investors before any investment opportunities are shared.  

This type of transaction will take years to go through the legal system most likely and if the sponsor is put out of business recovery will be non existent.

Hi Robert,Given you are looking to buy another rental (long term), a cash out refinance on the existing property would be a good play here.

@Jae Jun: Although the conversation has changed much, and toned down regarding proposed restrictions, the plan from jump has been to allow anyone with an existing STR, so far defined as a place that's been rented STR at least 2 consecutive days in the last 6 months, to get a permit and be grandfathered.

I'm unsure if that rule still exists, but it’s clear they want dialog.And yes, @Scott Mac and @Joe S., I fully agree with your comments about appreciation.

What types of organizations are you working with in your master lease agreement for your existing properties?

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

"I have a very simple criteria for when an area is gentrifying as opposed to just generally improving: If it makes economic sense to buy (at market price) and tear down an existing structure in order to build and immediately sell a new building, then the area is gentrifying.