I don't see a national rent control law ever coming into law - aside from the fact that there's just no need for it, there's way too many things working against it - Congress, constitutional law, lobbyists, etc.

.: @Nathan Gesner   Hmmmm....thanks for asking....i thought there was a law change quite a while back, maybe over 10 years ago, which prohibited smaller landlords like me for getting SS#s. 

Do you want to keep the in-laws' house?

With my in-laws living in Augusta,  I visit the area a few times a year, and it definitely seems like there’s some potential in the market.  

Explicitly tell them what you're paying for it so you can get the exact number.Also, we do a 25% property tax relief in SC under the ATI bill - so if you fill out that form, you will get a reduction for 5 years.Info below:ATI Real Property Tax ExemptionSouth Carolina law now allows a partial exemption from taxation of up to 25% of an “ATI fair market value” that is the result of anAssessable Transfer of Interest.

I'm an investor as well as CEO of a property management company that works with many out-of-state investors, especially from California, for exactly the reasons you mentioned – high prices and complex tenant laws.

We operate a real estate, mortgage, and property management firm dedicated exclusively to Short Term Rental Investments.

Also, make sure you know what the local laws are.

Like @Michael Baum said check on the laws first. 

In this case, get familiar with NYS landlord/tenant law or find someone who is.