The interpretation of that is state dependent, as is the desire to enforce licensure.

The real drive for us to buy a STR in central/western MN area like Fergus Falls is that my wife and I want to get a property that will cashflow well first, and will also be close to our family, closer to the MN/ND border - so Fergus Falls is the biggest area closest to that.I definitely noticed as I reviewed the other listings on AirBnB that most of them are lake cabins, east of Fergus Falls in the lakes area, but I wasn't sure whether I should interpret that as that's where most of the consumer interest is, or if the immediate Fergus area was just less developed.I live in the Lansing, MI area, so we've got some decent LTR properties available here, and I think I'm going to be focusing on STRs first, both in Lansing, MI and in the Fergus Falls/Lakes Area of MN, and then look to add LTRs after that.I'll DM both of you for more info - I appreciate it!

You can take cash and you can purchase less than you sell (mortgage boot) but the IRS interprets the difference as taking profit. 

And some people interpret respect as weakness. 

Originally posted by @Barb Culligan:I believe the TN Real Estate Commission requires affiliate brokers to live within 50 miles of the broker's office.I hadn't read that if it is indeed a rule but that sounds like a rule with a lot of room for interpretation.

Those areas are ripe for misalignment and misunderstanding - each one interpreting things to their benefit.Ideally, I would like to build a relationship with a GC but I have seen multiple investors get the run around from their builders / GCs

It is not their job to make or interpret the law, just to enforce it and they are willingly not doing so, in my opinion they should be responsible for additional losses. 

Then you have these people read that crap and fall for it and so these dumb ridiculous lead generation strategies stay alive.Do my strategies at your own risk.All I can promise you is that it worked for me, but I am seriously good at what I do, and I have a solid brain fine tuned for thinking, deduction analysis data interpretation ...I have come to notice most people simply are mindless zombies following the one in front of them, and they have never processed a single thought on their own.So if you have the ability to THINK and be smart, I suggest you follow my advise after you thought it over, and tried to find flaws with my strategy and only when you simply can not find any flaws with it, THEN consider doing this.Good luck!

For me, that will be a syndication opportunity, but you are welcome to interpret that as a buy and hold, BRRR, flip, or whatever other strategy you use.Risk — Preservation of capital is my most important objective for this investment because I need to know the funds will be available when the capital call comes in for the syndication.However, to truly preserve the purchasing power of my capital today, it needs to be invested in something that returns a rate greater than or equal to the inflation rate.

The jurisdictions will interpret the text of SB13 as they desire and HCD appears to be toothless and unable to enforce many aspects of the various ADU regulations.