I've come across a few news article mentioning significant impacts of the GND on residential housing.While full of financial estimates reaching into the trillions, these articles are completely void of details on the specific types of regulations causing the impacts. 

The notice herein required shall be given in the manner prescribed in Section 1162 of the Code of Civil Procedure or by sending a copy by certified or registered mail addressed to the other party.

Compared with public securities regulation (which itself is dubious) private real estate syndication is a free-for =all. 

Even the credit union must do this, their regulator does not allow them to give 3% down loans with MI coverage. 

I highly recommend you do your research on the regulations.  

We are new at this and since we are doing this with out a realtor or other partners we lack access to contracts, forms, procedures and legal paperwork needed for our first deal.We know that we want to purchase a property using either a hard money loan or a private lender, rehab it and list is as an airbnb in Providence, RI (where we currently live).

Just food for thought as I always see people mention 1031 exchanges on here and in podcast but rarely have ever heard anyone mention anything about the Reverse 1031 exchange.To me that seems much less stressful honestly as the REIT I work for did at least 2 in 2018 with our shopping centers and plan on doing many more.Instead of selling your property and having to rush into throwing into another with a reverse 1031 exchange you first purchase the property you desire and then you can sell your property to cover it.Obviously there is more rules and regulations than this but that is the simplest way to explain it and gives you something to look into.  

In my opinion the real estate licensing course was good for learning some of the procedural and legal aspects of real estate, but its value ended there for me. 

Sam,It all comes down to local regulations, zoning...I would be at the City/County planning office first thing and see what's allowed, what the process is...where I live (Bend, Oregon) ADU's are very regulated, but other areas just outside of town are totally different...Good luck...Adam

It’s a personal choice if not regulated by your state or city.