However, HUD came out with a memo in the 90's that stated that a living room could be used as sleeping quarters, therefore that would be 2 per bedroom plus one. 

Marcus and Millichap puts out excellent quarterly reports for multifamily (as well as other asset classes) in many of the big Metro areas, you have to register and provide an email:http://www.marcusmillichap.com/researchTheir reports are really excellent because they break it down by sub market.

You can also gain this experience by investing with an experienced syndicate manager in larger projects (100+ units) and closely studying their monthly/quarterly reports.

I'm trying to learn the smart way to grow my company rapidly, and avoid unnecessary taxation along the way.

Where double taxation does happen is if you use an LLC and personal tax rates in the US.

I looked at the tenant's bill for the same quarter the previous year as a benchmark and immediately and voluntarily paid half the big water bill, and again paid about a third of the bill for the quarter during which the repair was made.

Popular, increasingly trendy area.  1-4 miles from the French Quarter/Downtown areas. 

@Seth Lacey I prefer the Southeast or Southwest as I think most sane people are moving away from bad weather, too much regulation, and too much taxation.

Ideally I would like to have living quarters possibly as part of an investment in the Fort Mill/Charlotte area, but open to whatever is the best use of the money I have.

But have done a good deal of asset protection work for the last 23 years because taxation, asset protection, and especially entities go hand-in-hand.I think getting out of state series LLC’s in AZ will provide you little benefit.