Sub-metering is likely cost-prohibitive, and bill-back is sorta silly here.Just move on :)

I am not aware of any provisions in my contract or HUD guidelines that prohibit me from "pre-marketing" the properties I have under contract.

Also, On May 13, 2016, the Phoenix  Governor Doug Ducey signed into law SB 1350, which prohibits municipalities from banning the listing and use of short-term rentals ( this was really good for our city as there are no longer restrictions on under 31-day rentals, however, HOA's can still step in and enforce the CC&R's).I will PM you additional information, I see 14-16% annual returns on my properties based on the gross rents and roughly 27-35% annual cash on cash returns.

But the Bay Area is so high priced right now that investing is just about cost-prohibitive unless you find that niche or pocket listing

Most lenders include a clause that prohibits using the property for short term rentals.

I think that while the cost of entry and LL/tenant laws might be prohibitive for some, I feel that the closer you get to Boston the more upside you will find.  

I have never done one but my dad just finished one and the rules about which you select as possibilities vs what you actually purchase are strict and a little bit prohibitive. 

Attorney General Bob Ferguson said his office would be looking closing at those complaints.The extended eviction moratorium will now also cover people in housing such as motels and Airbnbs, on public camping grounds and mobile home owners on leased lots.Additionally, the order prohibits landlords from threatening to add late fees or charges for non-payment, as well as charge rent for housing where a tenant’s access to the unit was prevented by COVID-19.

NO, that would be a prohibited transaction. 

@Jason Reiffer Does your state prohibit agents from "Net Listings".