@Aaron MoayedGood question, as owner of a PM company I can say that there a certain things that we as a lisc company that is regulated by the state of texas we have things that we are required to do and be liable for.

My insurance most likely wouldn’t cover this.Since the Property Manager is placing the tenant...they are the ones responsible for following all of the government regulated guidelines.

Maybe I'm in the minority here, but I think landlords could use more regulation.

With both sets of couples being actively involved helps keep it out of securities regulations territory. 

Hi Shiloh,If you think about it, there is absolutely no difference in "Schools" schools are just building with teachers in them all teaching the same government (mostly useless to the student) regulated things.They are all the same, the only difference is between the children who attend (of fail to attend) them.That is what they are rating, the children and not the schools.

There's stuff like this in every government regulation; weird little tricks that go around conventional wisdom. 

It's weird that numerous professionals telling you this and you still won't believe it. 

I’ve researched the market, completed over 50 property financials to get comfortable with it, and have read numerous books.I WAS NOT READY FOR WHAT I WITNESSED!

I would bone up on these regulations.. 

NYC has numerous networking groups where you can go meet individual investors, syndicators, fund managers, and everything in between.