Living in the mountain west, like Tahoe, the risks are obvious.

There's obviously quite a bit of diligence that comes after such as who the key principles are and their credentials/track record (both balance sheet and experience), the underlying real estate and thesis behind the investment & tax prep and audit procedures but as a general rule of thumb if the investor can't get past the first part which is understanding what they are investing in, passive investing is probably not for that individual. 

Visiting parents and college sports fans are coming to town no matter what, so the key is making your STR feel like the obvious, no-brainer choice.

Trans union missed an obvious reject candidate and now I’m paying the price.

You wouldn't know if it is truly illegal or not without asking the city, which you would not do obviously.

But with so many markets that are growing and will continue to for reason that are obvious.  

Finally from a purely from a cash outlay prospective short term, you could rent a house with roommates and your payment would still probably be Lower than house hacking because rates are so high, over the long period 5-10 years obviously it would cheaper ti buy, hope that makes sense 

It doesn't necessarily hurt resale here although you have to know that you're going to be required to carry flood insurance which obviously can skew some numbers.

It's becoming very obvious that this isn't a sellers or buyers market, but an attempted suckers rally.

They obviously cannot control some costs, but they do have input on things like maintenance and repairs and some other things.