Not that they say "you're prohibited from doing land contracts", but they urge you to caution clients against them.

Many people sublet which is often strictly prohibited in the lease .

For an apartment complex its unlikely to become an issue for them if its not prohibited but could become one for you if you get a bad tenant so know your lease agreement and local rental laws.

FWIW, there are public Housing Authorities that have smoke free policies that prohibit the use of e-cig / vaping:http://www.dailycamera.com/ci_28596690/boulder-cou...If you want to have smoke free property, read below:http://www.no-smoke.org/goingsmokefree.php?

Even if you got a judgment, I doubt you could enforce it and if you could, the cost would be prohibitive.

But as to the other elements there really are pros and cons.Most fixed-rate non-recourse debt for multifamily carries a punitive prepayment penalty, or a complete prohibition on prepayment which forces you to defease the loan rather than prepaying it.  

Here's some important information for anyone thinking of making a STR purchase in Sonoma County:Sonoma County Short Term Rental Updates and prohibited neighborhoods as of August 2

Each of us has a fairly lucrative day job (two engineers, one aircraft mechanic), though we also have a fair bit of student debt which would likely prohibit us purchasing as individuals.

I want to invest in rental properties, and as a result of the prohibitively expensive NYC market I've been looking out of state.

Originally posted by @William Coet:@Ben Leybovich I wasn't able to edit my last post in time, but I was specifically referring to what can make  a sub-market be cost prohibitive for new construction of multifamly?