I can discuss more in depth on locations and STR regs if you’d like.

@Lane Kawaoka  Thank you for your in-depth response.   

I would discuss this with your CPA in more depth.  

I can promise 1) I won't debate you on the validity of Pace's mentorship 2) I will ask many in depth questions and ask if you do JVs.I have do something similar with Pace's students through both BP and his FB page.   

As much i thought my 5 hour California broker exam was some work, it does not compare to the rigor of passing the CPA exam.In the north Atlanta area, I do see a great void of CPAs who specialize working with investors and have great in depth knowledge in real estate taxes.

@Hugo RamirezHi Hugo,Your first order of business should be to become literate in the language of finance and to understand how the metrics work.From there, build or acquire a pro forma to allow you to conduct in-depth underwriting analysis.Doing anything in real estate requires you to have these skills and tools.Feel free to contact me if you have any specific questions, and wishing you the best of luck.

For my particular situation, you could see how from the outside it may seem sketchy but I assure you it's not.My lender knew everything I was doing and talked in depth with my lawyer about this to make sure we did it the right way.

thanks for all the info everyone and thanks @Bill F. for the in depth breakdown. 

That led to a brief conversation about a property he inherited then a more in-depth phone call the next day.

this is for sure the conundrum  market gets bad enough that there are great deals.. but most cant access them because credit is dried up as well.( I was just musing on why I think correction ( which i am calling price stablizations) is upon us and has been.But because of lending policies and investors especially on this site  be gung ho to buy in the trough.. the trough is going to be much shallower than in the past as those that know now that these are not forever and prices will bounce back will take action.I think what happened in the GFC we were all shocked  Myself included and had no idea the depth of the problems in the financial / mortgage world.