I purchase the land from a local jeweler who I tracked down at his business and asked he was interested in selling.

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

Would your STR business even exist without Airbnb?  

I have 7 MTR and my income is 1.7x my long-term rates ($1200 vs $2000), but that is very specific to my properties, my location, my business model, etc. 

You Can Only Have 35 Non-Accredited InvestorsRule 506(b) allows an unlimited number of accredited investors but restricts you to only 35 non-accredited investors.However, there’s a catch:Non-accredited investors must be financially sophisticated.They must have enough experience to evaluate the investment risks.From the SEC:“Securities may not be sold to more than 35 non-accredited investors… [who] must meet the legal standard of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of the prospective investment.”If you’re planning to include non-accredited investors, make sure they qualify—or you could be violating SEC rules.3.

I'm sure there's other stuff you'll want to factor in - what businesses are moving to and from each areas. 

Quote from @Chris Magistrado:The point he's making is that the agent must take responsibility for building and maintaining their business, and the Broker won't play much of a role.

Personally I think Josh himself is innocent but the company definitely is involved in shady and deceptive business practices.

But it is my opinion you should try Airbnb, VRBO, booking.com and FlipKey and give it a chance to see if it is adding business.

A lot of family businesses cannot stay in business upon parent death due to no longer getting the prop 13 property tax discount.