They are overseen by different regulators, so this doesn't apply to them.

If you have limited dough, wholesaling and househacking a small multifamily could be a good way to start, passive investments could be investing in a syndication (Regulation A if you're not accredited) but right now many sponsors are not paying their preferred return to investors until covid-19 is gone.It's hard to not make 4% if you selectively chose some stocks/equities right now. 

If you are in virginia maryland or dc, there are lots of regulations about performing activities without a licence, like renting out a property that you do not own with out a property management license.

Many of them simply list the property to help the bank comply with Fannie/Freddie regulations. 

I was wondering if any current wholesalers in the state of Wisconsin could possibly let me know if there are any laws or regulations I should be aware of before starting in this business.

Once things are better regulated it could go dormant unless needed again. 

@Karl Sperl our Airbnb regulations are strict so you may want to look into it first.

Hes asked us to mangage his property because we are familiar with the laws and regulations of our state.

Philadelphia has a lot more regulation on three units vs two - such as additional things you have to provide to tenants.If you can get the added income without the extra unit it might be worth keeping it at two units.Do you already have the heat separated between those two units?

I tend to buy in the Southern half of the US for 3 reasons:1) you get much higher year-round occupancy rates in the South & it’s simply tough to earn a good ROI in the North if your place sits vacant for a big chunk of the year2) Culturally, the Southern half of the US seems to be a lot more accepting of STRs regulation-wise.