Several participants made the point in response that the county for a very long time has stood in the way of affordable housing being constructed, first and foremost by zoning, and that an STR ban isn't going to solve the problem.

Myself, I've made millions with Section 8 properties, but every day you need to suit up for battle to deal with tenants who have no sense of adult responsibility.

Only an investment team can provide the crucial local knowledge you need.Moreover, you'll need various resources to find, validate, inspect, renovate, and manage a property.

However, getting a good property manager is crucial.

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

That was an unusual set of circumstances that was created in response to covid, so it would likely take extenuating circumstances for that to happen again. 

Managing money might not seem as exciting as closing deals, but it’s one of the most crucial aspects of running a successful real estate business.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck.

Quote from @Nadia Jones: Also posted in Getting Started Forum, but figured multifamily category may also generate some responses...so posting here as well. 

I appreciate your response.