I do want permits for all the reasons you have all mentioned, but if there is a high likelihood that the inspector would demand a teardown inspection of those other rooms and thus, cause issues while the tenants are there, then I would prefer to avoid it or wait until I have enough money to withstand that. 

I do this in Chicago. 

The list given is inconclusive typically and depending on your inspector they can request you to do updates that are beyond safety standards.

Staying compliant, filing proper forms for each state, getting a good accounting firm to do K-1's.Syndication is managing a business which is different than managing real estate.

Connect with other people in your market doing what you want to do and offer some sort of value. 

Hey Mario, I’m coming close to buying my first property but trying to do as much homework as possible.

Also do the enemy method (dot com) to suss out your competition. 

*I do not work for, endorse, or promote this product. 

But I could be completely wrong, I have no idea what I'm doing.I do not care to be in the middle of nowhere with average schools as my kids will go to the french american school of Princeton anyway.Any areas in particular I should be looking at?

Do you need more insight or often need quick answers?