Urban STRs are a different animal and I have more concerns about regulations than I do about long-term effects of COVID-19.That said, I think the major vacation markets will rebound, and I remain confident in my vacation rental investments.  

., I might feel more comfortable with a PM who is local to the L.A. area, because they will be familiar with the city as well as be aware of regulations and things I would need to take a lot of time to research on my own.

Learn the 6 CA ADU regulations at least enough to know them at a high level. learn the costs of ADUs.

I own in Portland and new regulations are rough.

That knowledge includes but isn't limited to SEC regulations, personally know some commercial real estate brokers, understand cash flow and "adding value" if it's a "value add" deal, how to hire a full time property manager, know your ratios, understand cap rates, understand financing on an apartment building, (it's very different than on a SFR), the timing of the project and a few other things.

Due to land prices and expensive regulation, affordable housing is not profitable to build in our market.

Being that each state has its own unique real estate laws/regulations/guidelines, and the 203k is quite detailed, it may make sense to go with a local lender where the property is located. 

I tend to buy in the Southern half of the US for 3 reasons:1) you get much higher year-round occupancy rates in the South & it’s simply tough to earn a good ROI in the North if your place sits vacant for a big chunk of the year2) Culturally, the Southern half of the US seems to be a lot more accepting of STRs regulation-wise.

Zoning regulations and building codes vary town to town.Where I am, the first issue is zoning whether your area is zoned for a triplex.

They don't need the government to regulate it for them.