In markets where real estate isn’t priced in US dollars and too a certain extent euros, there are huge discounts available to the US buyer due to the enormous devaluation of the local currencies over the last few years.

If you can keep buying live in flips and selling them tax free, that's an enormously profitable strategy (with no need for a 1031) and interest rates are irrelevant. 

Your liability is enormous and no amount of waiver will waive away your responsibility for accidents or other problems... not to mention that without a license, you won't be getting permits... which exposes you to a whole lot of potential mess.Shame on your agent for recommending an unlicensed contractor.

Fee: An annual fee of 1% of total investment is enormous.

There's enormous potential for real estate with this technology.

Based on the enormous risks, if you miss something, I highly recommend you consult directly with a local pool company, possibly an attorney, and a local PM or savvy real estate agent that 100% sure knows the requirements.In addition, research it and check their work to make sure they nailed requirements.

Thank you very much everyone for the enormous  responses.  

Look at Section 16.24.400 and especially paragraph E that specifies the bedroom size required depending on the number of occupants of the bedroom. https://library.municode.com/tn/metro_government_of_nashvill...With these regulations in hand your municipal code enforcement can keep 7 families from living in a 3 bedroom home unless the bedrooms are absolutely ENORMOUS but you need to report them and keep on code enforcement to investigate.

I have sold a couple of SFH that resemble a 2 unit building with no issues & the possibilities for future development is enormous.

From flips to long-term rentals, the potential here is enormous.