I'd just outline a clear cut criteria to make your decision making standard.

I don’t mind regulations and have them at our property in Lake Placid, NY it’s just a matter of knowing what they are and how much it cuts into the revenue.

If they cut 1/4 point per meeting rates could come down by 2 points in a year.  

Tenant calls me after living there 1 month "the grass is really long it needs to be cut "         I tell her that thats her responsibility , I told her verbally and its in the lease .  

Get into some other facet; money lending, storage units, flips whatever but you my friend are NOT cut-out to be a landlord.

You might wholesale them, or refer them to a wholesaler for a cut of the deal if it closes. 

Begin with smaller places to cut down on risk and learn as you go.Good luck!

One possible large impact would be a minimum setback requirement from the railroad to any development, which could drastically cut the usable land. 

Log cabins get flagged as risky and even if they get done leverage is cut. 

If he is broke, its just a waste of your time, and I would say cut your losses now and consider it a lesson learned.