Competition is fierce, rent rates are dropping, expenses are increasing, and government regulation is making it hard to operate.

Apparently 95% of new multifamily construction is rentals now rather than condos due to arbitrary regulations by federal mortgage agencies and how those get intertwined with contractor defect laws https://www.minnpost.com/cityscape/2014/02/where-have-all-co..."

Generally speaking it's not regulated because it's an agreement between two private individuals. 

Personally, give it this thread, I'd be more concerned about your lack of experience than just about the costs.This is a big undertaking for a first project, and not only will you likely deal with complex budgeting issues, but you'll also deal with a complex build and regulation that is for more complicated than your typical single family development.

That's not the way TX tax sales work.Also, while there is no zoning in TX counties there are regulations on developing trailer parks. 

I keep thinking the more regulation the more expensive it will get. 

PM's are not very good at this.We have our tenants sign a trampoline agreement, which takes care of liability and also regulates the restoration of the lawn.

Unfortunately with new regulations it has become harder in the higher foot traffic cities so MTR is a way to go being that it is still popular in business, nursing, relocations, etc.

Text campaigns are going to become less effective in the coming months because of recent regulations, so don't spend too much money on them.

Big, big difference.This is dependent on location of course, but one reason I prefer existing homes is that you are not only buying the physical house, but also the existing rules and regulations.