My business law professor at Florida State was actually on the committees that wrote the original legislation so he spent a lot of time on teaching about them.   

Ethics are not legislated in many cases but imposed under our legal system under concepts of common and uniform law. 

Bad legislation?

City Council may soon pass major legislation to force owners of certain apartment buildings to retrofit their properties for earthquakes.

Legislation to end this abusive, excessive, and illegally applied fee was pursued in Colorado several years ago but was watered down and then killed by HOA property manager interests.

Therefore, a person who provides assistance on a real estate transaction to a friend or relative, without compensation, does not need a license" at  http://www.idfpr.com/faq/dpr/realestatefaqs.pdf which is why I was thinking of including it.As my compensation from this transaction would solely be coming from the sale of the trust to the end tenant buyer, I presumed that I would be able to avoid the license.Thank you again for your time and comments, My goal is to get feedback from people who do this on a successful basis so that I can put myself in a position to mimic their success.Cheers,Rob  http://www.ilga.gov/legislation/ilcs/ilcs3.asp?

So basically the City Government can't run a business correctly so the are going to push for more legislation to cover for their ineptness.

No matter how much screening you do or rules you have in the rental agreement, your tenants can be a contributing factor.I'd rather improve a neighborhood with involved citizens, grant money, the support of the city, and relationships with other landlords than have it legislated.

Airbnb is probably subject to legislation risk to a great degree.  

This is done through emailing and phoning the State Legislative Representatives.