I know a bunch of STR landlords in Pittsburgh and they just started STR and Air B and Bs never asked if it was permitted.I dont think being cautious is a bad thing but weigh your risk verses reward and your options.  

"Higher the risk, higher the reward" sums it up.

What do you feel has been more rewarding by the way?

Instead, understand the risk/reward of the different options (debt versus equity, core versus core plus versus value-added versus opportunistic, residential versus commercial, retail versus office versus industrial versus multi family etc.).

With the current environment in regards to evictions there are just too many risks compounded by the fact that you get additional risk in general with zero reward.

Here are some potential terms you could consider:Management Fee: 1-2% (just to make sure you get paid for your efforts)Preferred Return and Incentive Fee: 15-20% incentive fee over 10-12% preferred return to LPs (this is so you get rewarded after LPs get a certain rate of return upon exit.

Low risk, potentially reasonable reward.

Developer-  crosses over with a property investor just more risk and reward.  

The passive income we receive from our properties more than pay for these luxuries and once in a while you got to reward yourself.Anyway, here are three things I learned that I want to share with you if you want to build a real estate empire: You have to let go of the things you’re not good at and focus on the few things you are good at.

Syndications admitting non accredited investors are of such low quality/high fees that I’ve NEVER come across one worth investing in.2. 2 or 3 out of 100 accredited investor syndications have the risk/reward balance, the sponsor experience/ability, and the sponsor/investor alignment of interest to make them worth investing in.