As more people placed more properties in STR inventory, and as more municipalities taxed and regulated the industry, the profitability of the overall industry has reverted to a much more aligned (lower) risk adjusted return.  

There good ways to navigate the market between the 5 counties, 2 states and many different HOA regulations.

There is always risk, and these are highly risky and regulated techniques.

But I am in FL, and Im sure that scares others, but I am not just talking about natural disasters - just general over-regulation. 

Quote from @Adam Macias: Wholesaling as it is today will be a thing of the past.It’ll truly be strange to even hear people and gurus trying to make big money off it.The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.Which I don't know why hasn't happened sooner.Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:Credit: REITipsterI think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?

And the laws and regulations here are very different, not very strict like the states.Prices are high and rents are low over here.

I have to check on codes/laws/regulation, but I know CA is on a high of making thinks convenient to build those at the moment.

Both Fort Lauderdale and Pompano have fairly relaxed STR rules and regulations. 

Quote from @Victor Patel: I recently invested $60K with a local hard money lender who has been established in the area for decades.

Is it tied to changes in the market, a response to new regulations, or part of a long-term plan?