There are occasionally opportunities for grandfathering if there is evidence of legally established conversions that were done previously, but no permit records exist to show it was done. 

While the "narrative" is good, the devil is in the details, and I see this as more of a black-box than an open system.We work with a couple other larger operators besides BAM, but in short my only complaint is the detail in the reporting, especially in tough times.

Various legal setups can  mitigate a large part of this risk.  

I’m currently looking into the best ways to structure guest payment flows to ensure legal compliance (that may restrict non-licensed property managers from collecting rent directly) and seamless operations.

I only ask because the main purpose of an LLC is legal protection, and if you don't have a large amount of assets to protect, say less than $1M...you may be putting the cart before the house, and it may make more sense for you to focus more on finding and closing more deals.

However, if you are an out-of-state slumlord, you can now pass 100% of the financial and legal liability of maintaining a property onto some poor local.

Or for the high-end primary homeowner has no legal way to 1031 exchange; so the deferred sales trust is a no brainer.

And never being “at risk” is it even sufficient to legally bind a seller?  

Then it will be legal to have a larger number of animals.

The buy back was a comment over the phone, nothing legally binding unfortunately.