(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

Since downtown development land goes for $30 million/acre, $100k imposed by the progressive city government for a 40 story building permit is a minor annoyance.

Flatline population growth is a sign of a poorly managed state and large or soon to be large, government debts (e.g., Illinois).

The first thing here would be the regulations and laws governing acquiring properties, managing properties and selling properties.

You have to understand that these people don't care about anything, and the government people are overworked and will not follow up with all the small cases. 

If not, then you really need a strong legal structure stating how these properties will be governed going forward, including management, tenant selection, capital expenses, etc.

Lastly, your going to want to get with local governance, a lot more then normal.

Whether we agree with these items or not, the following are inflationary government policies: stimulus, student debt relief, tariffs, increased child tax credits, limited immigration, and big government deficit spending.

These loans do come from banks directly (Fannie/Freddie loans come from the Federal Government) so each bank that offers these types of mortgages might have slightly different requirements. 

Which governing body determines these requirements?