By the math of it, CA is making it impossible for carriers to operate in CA areas of fire risk.

Any pros/cons on either or any other operator suggestions would be greatly appreciated. 

I think some min level of regulation benefits everyone, including wholesalers who currently operate in no man's land. 

Greystar Real Estate Partners, one of the defendants, released a public statement claiming they operate with “utmost integrity” and will vigorously fight the allegations.

With less experienced or just poor planning operators, it isn't uncommon that they spend years distributing all the cash out to the owners, and then the time comes for a multi million dollar refresh to maintain the hotel brand, and no one wants to cough up the money back into the entity.

This is the kind of thing the bank you keep all your operating funds in should be happy to help you with. 

You then take the cash-out and buy 1-3 more properties and get them operational.

In the state of Florida, you should have two bank accounts, operating and escrow. 

Quote from @Paul Azad Azad: Great webinar/format, please keep it up.If Monday is GP and operating the property, who is RSN?

You're talking about programs generally run by the government as the operator of last resort because no one else can make enough money to make it make sense.