The criteria for the properties is very strict for which ones qualify for ADU's.

Regulations, rental restrictions, and similar indirect costs are a financial burden.

Local LL/Tenant laws and the rental agreement should be adhered to strictly.

Air BNB in CA is at risk of anti STR regulations, require a lot of effort to setup and get started, and in CA do not have good initial cash flow.  

That said, I know that you guys in TX have some pretty strict guidelines for second liens, cash-out, etc. and I am definitely not an expert there.

Since it’s a security, which normally requires registration with the Security Exchange Commission (SEC), most syndicators try to avoid going through the registration process, which is long and expensive.The SEC allows syndicators to “skip” registering their securities if they offer them to accredited investors and use either a Regulation D either 506(b) or 506(c).

Well, that completely depends on who is traveling to the area to stay at those locations and why are they staying. the HOA's are usually more strict when it comes to condos of course.

If I went strictly by the numbers and factored in cap ex and repairs, then is it better to not buy anything anywhere? 

Because signing the lease is the ONLY time when we have a chance to educate a new tenant on everything that is important to us:- our expectations on how to treat the house, rules and regulations- how to report maintenance issues, what to look for (water, sump pump, roof, downspout extensions,..)- how to communicate with us- how to operate the house: from GFCI to furnace filter, how to clean a glass cooktop - point out key issues like pet policy, new girlfriend moving in etcYou think anyone reads the lease when they e-sign it?

Wholesalers should adhere to industry standards and regulations, including obtaining the necessary licenses and permits, and disclose any conflicts of interest that may arise during the transaction.Overall, real estate wholesaling can be ethical if conducted with transparency, honesty, and integrity.