What if the city finds out? 

I put the odds at 97% an investor does very well, 2% that through no fault of Praxis' the housing market and/or the economy enter a tail-spin due to inept political leadership at the highest levels, and 1% that Brian is the biggest fraud ever to fool me. 

The City of Detroit is block-by-block in many Class B & C areas.In our opinion, zip codes cover too large an area.We use Detroit Neighborhoods, which are much smaller than zip codes.

. - All they've got to learn is to save some of their income to pay their bills on time and they could then afford to buy a home.Instead, they spend every penny they make on things they don't really need and then blame everyone else.Take a look at a Class C or D tenant's bank statement to see the frivolous things they spend their money on and you'll better understand our society's biggest problem.

I believe Alexandria city allows it but portions of Fairfax county do not allow it. i would go option 1 personally. 

I'll admit, I might've bitten a little more than I could chew, but I got anxious and I just wanted to have my first property in the city that was up north. 

It wasn’t the biggest spread, but the experience was priceless.

However, we are taking over from a PM to self-manage and are inheriting the current setup.Our biggest concern is that this first communication from the tenant was a sob story asking for $500 back/off rent.

Many people get bored after a week or two and won't want to stay longer as there are hardly any cities and not much happening and there's so much jungle you can look at in a day (it's a great place for quiet retirees).

That is probably the biggest difference overall along with the 30 year loan term here being most common.