Standalone brick and mortars like compass are the ones that are burning through money and taking it from the agent and customer it is very hard for compass to survive in those environment, as company like as big as amazon or apple move to hybrid work environment, the compass failed to grasp the spirit hence their transaction cost is so high.

The cost of entry is low, and cash flow is high.Happy to connect to share more! 

With a minimum 30-day rental period, tight registration criteria limited to permanent residents, and associated compliance costs such as fees and taxes, entering San Francisco's STR market without first examining these restrictions may result in problems and severe fines.

I would have about $30k - $40k for a down payment, closing costs, and a few months of reserves. 

I am looking for a builder to partner with who will finance building costs (and get reasonable GC fees above cost for their efforts as well).

This seems unfeasible for rental investments due to the high cost of capital.

If the conditions are not good, then you've saved a lot of grief and money buying into the wrong area at the cost of a lower amount of grief and money through the sub-lease.I 100% agree, though, that extended paralysis will render you subject to the whims of a changing market. 

Yes, it costs a little more... adjust your offers accordingly.The law is a mirage.

All of that is independent of one-off maintenance costs - for example, trimming my palms costs $100 a couple of times per year.

This is just one of the many ideas I'd love to implement in this new build.I've talked to a fantastic builder in the area and the build from start to finish with the lot should cost about $450-500k.