They are going to be some of the most restrictive investments you can make, sometimes even limiting what furniture and appliances you can use.

California rules for a beautiful state can be quite restrictive.

Are there laws restricting this / too much headache?

There used to be no restrictions on what type of animal could serve as an emotional support animal.

You may want to look at the Fort Collins "housing ordinance" requirements/restrictions regarding "unrelated persons per household".      

Thinking there may be deals to be had this fall/winter depending on travel restrictions/etc.   

So you know the restriction or what they allow. 

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Rent is softening with people moving away from Seattle due to COVID, ongoing protests, and a crazy city council.I think the real housing crisis in Seattle is that $1,860 is still too expensive for many.Seattle has been making large investments in rent restricted units.

Having learned the lessons of 1929, the feds created the SEC and the securities acts of 33 and 34, imposing very strict disclosure requirements on issuers of securities.