Our STR in the few months after the City Council passed the STR regulations lost over 10% of its ZEstimate value.So for any intended purchase make sure that the RE also meets your investment criteria as a LTR and realize that if the STRs are basically banned it will result in a loss of value. 

Meaning you buy for $100k and assign $70k to the building, $30k to the land, you must improve the building by $70k. (2) You must comply with the OZ Fund regulation which typically requires assistant from a securities attorney and CPA with strong knowledge of OZ's.(3) If you're recruiting capital to come into your deals, it can be difficult getting someone to invest for a ten year hold. 

Laws and regulations tend to be better here than most markets.

other than the state of Oregon were you do need a developers license I have one.. to get one you need insurance and a bond .. so that does take decent credit to get.but other than that.. like you said its wide open.. and usually it somewhat self regulates as lenders these days vette the operators or should be.. but people do slip by I know its happened to me.. and pretty much every HML will have defaults and foreclosures. you just don't want to be on the butt end of it.Also I am a NMLS registered mortgage banker.. now to get a state RMLO which you need to register on NMLS you do need an FBI background and finger prints.. does not mean you will get denied but you can.On the real estate broker side you usually just have to fill out a form and you know how many fib on forms..

Every state has regulations that outline how to put an abandoned vehicle in your name.

The best place to start is by googling what that areas regulations are for 3 family properties.

And that’s not even getting into the details of what happens if you have LLCs in multiple states, each with different legal regulations and tax obligations.

In some areas, rents increases are limited by local regulations.

@Matthew Meade look into the laws for short term rentals and taxation before you start up rules, regulations and taxation vary greatly from city to city

That is regulated by the SEC and the CA regulator.