As more Californians flee, demand will continue to increase, which will increase prices and rents.Pro Business Environment - Nevada has no state income taxes, low property tax, low-cost property insurance, reasonable traffic, reasonable property prices, lower cost of just about everything.

I will add an item to this list and believe it should be near the top of the list: what are the current STR regulation and what is the sentiment.  

@MIke Steuart I haven't done a lot in Mass. but my understanding is that if you have an investment property, and it's not owner-occupied, then if you pull a permit whoever pulls it must have the CSL (construction supervisor license).So if it's your investment property, and you don't live there but you want to do the work (or supervise others you hire to do the work) then yes you'd need a CSL to pull that permit - or hire someone who does have it.I haven't done an apples to apples comparison, but my understanding is that generally CA and HI are Democratic places with lots of rules and regulations - like Massachusetts.

We have been managing short term rentals in and around Bozeman since before they enacted regulations on them, and have close to 1,000 5 star reviews.

I see from your response some of the issues I was expecting to be the biggest barriers to entry: capital and regulations/time to get approvals.

You also need to survey the local regulations on short-term rentals if some were going to go that way and see if the area is for or against them, in general.

They then explained their situation and their mom living in that house was not a healthy environment, they then begged us to take the house off their hands, so we said fine.

@Gerardo Waisbaum To be honest, with all the new regulations around documentation for cost segregation that has come out, I recommend having a professional do them.

I'm interested in buying a STR property in Norfolk and looking for an agent that is familiar with the area, understands the STR regulations of Norfolk, and potentially has connections to contractors for light-medium renovations.

In it they discuss regulations for handicap tenants and a ton of other very useful information!