If someone organizes a large business around wholesaling, they may need to be a licensed real estate broker and their operators licensed salesman to avoid regulatory problems - in many states.Look at what brokerage firms have done using tech to create virtual offices, virtual teams, etc.

I live in CA and due to pricing and the regulatory/landlord rights climate did not want to get involved here.I went to Kansas City MO with the plan to buy our first home through a highly recommended turn key company.

RV/Trailer Park (pros: profitable with medium investment upfront | cons: lots of regulatory permits needed, and again not in an "activity" zone per se)5.

All that for my question…Is there anything I’m missing (regulatory or other) that would hinder the BRRRR strategy with a cash buy REO?

If this did not happen, each State Government has a regulatory body that oversees realty firms, realtors, brokers, and title agencies. 

The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…

Look for People SkillsProperty management is, ultimately, a people business.Not only will your manager deal with you and your tenants, but they’ll also need to work with third-party suppliers, regulatory bodies, and legal agencies.The better their people skills are, the better they will be at managing your property.This is often something you need to evaluate face-to-face when you meet them.

Not a real comfort for people who want regulatory certainty when making a big purchase to house hack in Denver, but it is what I hear. 

You'll have regulatory costs and many other costs.

My specialization as a lawyer is in corporate, so forming companies and ensuring they are complying with all regulatory parameters isn’t a challenge for me (in theory!).