I realize people come from all backgrounds, but I am talking about if one wants to eventually make say, $1 million+/year, for example, strictly from real estate. 

Rules and Regulations.......well, I am, to the extent of understanding how to stay out of trouble.

There can be state parameters but the rule is that whichever is more strict prevails.

Syed:Here are a few reasons:population of Canada is about the same as the state of California;mortgage arrears in Canada are historically <0.5%, defaults are <0.30%;Canadians are generally well condition to use a real estate agent;privacy laws in Canada are more rigorous - so things such as foreclosure lists, probate lists, delinquency lists are difficult to compose and, in most cases, illegal to sell;financing regulations are different and lenders have an obligation to seek the best return on the sale of a property (particularly in provinces which use power of sale - such as Ontario) and, for that reason, will list properties with a real estate broker (on MLS).

Some states and even cities have regulations regarding tenants, such as landlords having to accept the first qualified applicant. 

If you look at it strictly from a business perspective.Remodeling for you has no value.

Residential is more highly regulated.

The rental codes are strict and enforced strictly, especially in years that MSU has low enrollment or has an excess of housing available.

Read your state landlord tenant regulations, all the answers are in the regulations. 

All that has to happen is that the bank does want to have a hotel loan on their books any more, your financials do not meet their then current underwriting guidelines, the bank has been sold and the new owner no longer offers hospitality loans, the bank has a concentration in commercial and/or hospitality loans and regulators are requiring them to reduce their exposure, etc.