EVERY successful real estate investor I’ve spoken with has told me that it can be a fantastic wealth building vehicle.

Read the rent control regulation that went into effect.  

So Don, my understanding is that an Option is a one way agreement in which the buyer has full control (to purchase) and is usually initiated to "buy time" - such as in the case of a feasibility study for commercial property.

@Nathan G. fantastic examples and you hit this one on the head. 

I just finished reading @Brandon Turner's book on "Rental Property Investing" (all 350+ pages in a few hours... it's a fantastic book and I'll reread it again next week!). 

This gives plenty of time for a bad check to be discovered (which has never happened).I LOVE off platform bookings for the following reasons:My payment provider is cheaper than AirBnB and VRBOs.I have FULL control of the reservation.I have FULL control over the security deposits.I can enforce cancellation fees.I'm not a slave to the reviews.I receive the funds immediately, and don't have to pay the advanced payout fees.Guests pay the credit card fees (still cheaper than the VRBO / AirBnB fees so most are happy to do so)Guests appreciate saving on the fees.This is all VERY easy to setup using OwnerRez. 

HOA boards can be a fickle bunch, and unless you're running the show, you have no control over the fees they levy.On the other hand, your capex budget is already 18%, so maybe you're good there. 

What is your comfort level with control over your property?

Goofy initiatives like this with more rent controls are popping up all over the country. 

@Thomas Mitchell hey Thomas, that is a fantastic idea that I wish I had thought of when I was in college!