In terms of valuation, you need to bear in mind that there isn't a 'market' per se.

However, I can tell you that about a year ago, we couldnt get appraisers out to properties without paying crazy fees (in the SE).

RVA doesn’t have a lot of basements per se but the homes I’ve seen have a tall crawl space.

The problem is you probably aren’t even making any money the first year unless you have a tenant lined up and paying.2)Even if you have a paying tenant in the year of bonus, it’s a per se passive activity.

Trusts themselves are not asset protection vehicle per se.  

But since rental activities are per se passive, not only might you need to all basis requirements (704(d), 465, 469) if a partnership for it to get to the 1040, but you are also going to need either enough income to absorb it to avoid passive limitations, or be lucky enough to benefit from the active participation of 469 up to 25k.Also if you dispose of it soon after you have ordinary recapture under 1245.

I live in CA, but we buy apartments in the SE and Texas due to affordability and margins that allow us to cash flow, in addition to a more landlord and business friendly environments.The CAPs here in CA are like sub 3% at best (a bit higher in less desirable areas).

Here some older articles on STRs that will give you the history on things:http://www.nola.com/politics/index.ssf/2016/11/air...http://www.nola.com/politics/index.ssf/2016/12/sho...http://www.wdsu.com/article/city-council-passes-se...Here are some links to give you current information:https://www.nola.gov/short-term-rentals/https://www.nola.gov/short-term-rentals/str-zoning...https://www.nola.gov/short-term-rentals/str-licens...https://www.cbsnews.com/news/new-orleans-consideri...https://www.nola.com/politics/index.ssf/2018/09/ne...https://www.theadvocate.com/new_orleans/news/artic...https://www.theadvocate.com/new_orleans/news/artic...https://wgno.com/2018/09/25/dozens-of-people-weigh...https://nola.curbed.com/2018/9/14/17859298/airbnb-...https://www.usnews.com/news/best-states/maine/arti...

Short-term rentals do not fall under the per se passive rules.

See: RS Rent Stabilization I would not say that rent stabilized properties per se are unprofitable.