It seems like it'd be more closely aligned to a security kind of like syndicating a deal, and therefore be subject to SEC regulation.

The hotel industry will continue to evolve and STR regulations will continue to tighten.

You also have the right to ask for HOA documents, such as the rules and regulations, FAQs, etc once you're under contract.

We would then ask for their ITIN as a replacement in order to comply with applicable rules and regulations of the Bank Secrecy Act and USA PATRIOT Act.https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin#itin

Every time they pass a new regulation to clamp down on deceptive advertising, the marketplace just finds new ways to maneuver around it ("it's not advertising, it's journalism!

Under the IRS regulations (treasury regulation section 1400Z-2), substantial improvements requires that you invest at least 100% of the original cost of the current improvements on the land.

It's making sure that the contract itself is airtight, contains the right contingencies to protect your liability as well as the other parties liability, contains procedures on what to do if one party breaks the contract, etc....  

So you should look at Regulation D 506(C) as a vehicle to be compliant and attract Accredited Investors. 

How long is the eviction procedure in your location? 

I remember hearing, and I admit this was a number of years ago, that due to the overlapping patchwork of regulations, which sometimes meant even different people within the same local office would interpret/enforce things differently, that some investors had better luck asking or getting an inspection from the state fire marshal.I know it's a long shot, and that information might have changed since I heard it, but I thought there was a small chance it could be helpful anyway.