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. 

It’s nice to think of working more like 9-5 and not having to deal with all the regulations — commercial isn’t regulated, at least in NJ.

These evictions may eventually include the tenants that have not paid rent during the stay at home regulations. 

Complex local zoning and building regulations - there simply no land to build or convert anything into more units.