Since Dodd-Frank regulations have intended that the general public don’t get financially hurt in the same way as in the last boom/bust IO loans aren’t readily available.

A 2nd appraisal cannot be completed through them, as it's against lending regulations, something @Don Petrasek touched on.

More than 4 units means you are dealing with a commercial property versus a residential property, which will come with different lending requirements and regulations.

The link I posted to approved city regulations was removed, but it seemed to state the city fee was $2/night plus 3.5%.

Be aware of the total environment.

But they have all been moving down dramatically and the overall rate environment is continuing to see downward pressure.

That's because licensees are highly regulated and are held to legal and ethical standards, where unlicensed wholesalers are not.I've personally witnessed clients nearly get screwed out of over $120,000 by a wholesaler. 

Regulations on these things never get looser.

Manager just seem to only rely on the condo rules and regulations and completely ignore federal laws.

There are some pretty serious talks of regulations going on right now and a lot of hosts are very upset about the TPT tax laws in particular.