I know of at least 3 HOAs in Denton/Collin County who voted to do just that within the last year. 

If your ARV is actually 380k (you would barely make anything).Finally, the question is how confident are you in being able to do the renovation for $100k. 

If so, do you know if he is looking for more agents?

How did you find this deal and how did you negotiate it?

I want to know if people have had more success listing their entire property for rent versus renting by the room?

I don't know about your state but mine (TN) has a lookup tool that will show you the agent's original license date, the brokerage incorporation date, etc. 

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

Avoiding Beginner Mistakes – What are the biggest pitfalls for a first-time investor, and how can I avoid them?

I have read a bunch of books (many by BP) but if you have an resources I should evaluate, please let me know. 

You wouldn't know if it is truly illegal or not without asking the city, which you would not do obviously.