Also learned Iowa doesn't have any regulations on acceptable mold levels. 

The lower cost of living and the landlord friendly environment are attractive to me.

I spoke to a few realtors on the topic and they voted against it due to city regulations.

They operate under the same regulations.

If that's the case you need ot see if there is a provision in your lease that requires they follow all local codes and regulations in which case the city's requirement should be enough for you to pressure them to do it.  

Rule and regulations changes. 

If you want to manage properties that you don't own, then you'd need a license.You'd benefit from connecting with other landlords in the area that you do business in so that you learn the local regulations and requirements. 

Keep in mind that rarely, and I mean rarely do rental housing regulations ever come down to the size of the owner's portfolio.  99% of regulations will correspond to the number of units in that property not the total number owned by the investor.

Is the banking environment such right now that the math on a deal and the experience of the investor outweighs the personal credit to such a degree that looking for these types of financing situation is realistic?

Where you can go and chat with real investors in a live environment.