You need to look at IRS Code to determine what "being in the business" means and all regulatory agencies use that determination to identify the difference from investing and conducting business.

Always ask any prospective SD IRA custodian about their reputation and regulatory history.

State of Oregon on a regulatory side is a very persnickety state I got my hand slapped by the division of corporate securities a few years back you can google it.. and had to pay a fine.. but went on to do my thing.. my excuse that my attorney told me it was OK did NOT FLY so I paid a fine and off I went..

Frankly I'm not interested in section 8 due to the additional regulatory oversight, inspections, and the fact that this authority can tell me what the rent should be.  

Violate any one of these areas and your contract or deal may be thrown out.The best way to understand if you're on the right track is to call the regulatory agency that supervises that the conduct and business contemplated.

It is advisable to do your due diligence and ask about such things as how long have they been in business, are alternative assets their sole focus, are they BBB accredited and rated, are they a regulated financial institution, have they ever been sanctioned by any regulatory bodies, how many accounts and how much in assets do they administer?

But private / hard money lenders don't have that, and depending on a real estate attorney who has written some hard money contracts doesn't mean they know the nuances of keeping you out of trouble with the banking commission or any other regulatory body.  

It seems an IPO is on the horizon for AirBnB, and they do not want regulatory issues hurting their stock prices.

This realtor should be reported to the Colorado Department of Regulatory Agencies, Division of Real Estate: https://www.colorado.gov/pacific/dora/division-rea...Ideally, this Realtor should never work in this industry again.  

Although the complaint may go nowhere, no one wants a regulatory authority knocking on their door.