@Joey SabatiniThe Bay Area offers various financial options, including purchasing an Attached Dwelling Unit (ADU) for rental income and long-term appreciation, investing in rental properties elsewhere for flexibility and stronger returns, and investing in short-term rentals for higher returns but more management and regulation risk.

Wholesaling also has it own regulations coming down the pipeline... 

Many multifamily projects face challenges, including rising interest rates, operational inefficiencies, and decreased valuations, which drive the growing need for alternative financing solutions.This environment presents a unique opportunity for mezzanine debt and preferred equity investors.

the book was written in a different environment - when prices and rates were lower. 

Are there any local policies or regulations that could affect real estate investments in these neighborhoods?

The only reason you should not enforce action is if its contrary to an applicable law or regulation...Here is another section from Seller Covenants:Seller agrees to honor requests for execution of endorsements of Mortgage Note from Seller to Buyer if made within thirty (30) days following the Transfer Date, after which Seller shall not be obligated to honor such requests.So if there was an issue with a prior document, after 30 days they can tell you to go pound sand - and based on court documents, this has happened. 

The new regulations will make my offers even more competitive.

Cosmetic flips and short-term rentals can be profitable, but regulations and online marketing are essential.

But although they are available, you are better off reducing the PPP in a declining rate environment.

Having been in many aspects of real estate throughout my career my favorites are ground up construction and note investing. right now note investing takes the cake as it can be done in any environment whereas ground up right now is very challenging.