You say you are familiar with building codes. But have you ever tried to build or renovate a building? Some areas are okay. Others are not. The issue is not so

You say you are familiar with building codes. But have you ever tried to build or renovate a building? Some areas are okay. Others are not. The issue is not so much building codes, although there are definitely codes that e.g. push specific products from specific vendors and other shenanigans, but the approval process that gives the local authority unlimited time to mess with you for any reason. There is, I think, a single US state that puts reasonable limits on project authorization, but I can't remember which it is. All in all, doing anything with real property opens you up to just having your money taken by the government and lawyers while accomplishing nothing.