I think the difference is 4 years ago and 10 years ago there were no shortage of places for them to rent, whereas now in any semi-vacation destination LTR's only exist when the government legislates in ways that make them exist. 

Initially I was looking in Santa Monica, Long Beach, Huntington Beach areas but now I'm kind of starting to change my mind as I think Bakersfield (due to shortage of houses) maybe not that bad to invest into rental real estate.

It would be really cool if you take your manager's offer up and manage your own properties, and then compete with him.Maybe there is a shortage of good PM.

I work in Geismar, and there seems to be no shortage of industrial projects and developments inviting new residents who will drive the real estate market. 

Quote from @Nick Benjamin: I work for New Western in KC and we get multiple off market deals every week - no shortage on our side of things.

Is it strange to you that the government creates this kind of incentive at year 8+ of a real estate bull market and with persistent labor shortages in the construction business?

It's also a plus for LL's that there is an incredible housing shortage (for the past 20-30 years) and never a shortage of people looking for places to rent.

There's a massive inventory shortage, and families with financing are having a hard time finding homes because there is so many cash investors from the West Coast and East Coast buying here.That's my perspective, but I may be way off.

With my experience with the military and contacts over in the war zone we expect a lot of activity due to the large number of vacancies and the overwhelming shortage of government provide housing.

There are numerous published articles about the on-the-road parking shortage for truck drivers, and solution there is more truck stops whether state or privately funded.