However, I don't know how soon they will be implemented....???  

While I admit to finding this difficult to implement, I think it's vital to schedule time.

You could implement new rules as you are a new owner BUT who says they will listen.STEP 1: Give them a new lease and point out in the lease "NO SMOKING".

Anyone thinking about implementing this scheme needs to look long and hard at their final goals and the math. 

Waco is exciting and there are homes moving quickly but there are so many ideas which have not been implemented.

IMO you should first identify a trustworthy person you want to partner with, set up an agreement that reflects your expectations from the partnership, the strategy you would like to implement and the financials (expenses and revenue).

I am thinking like you, I do not plan to ever sell, but if you do there are multiple tax strategies to reduce any possible taxes such as a 1031 exchange or the capital gains exemption.Of course a good tax lawyer should always be consulted before implementing any advice in these forums, including my posts.

Not a week goes by without 10-12 attorneys calling to refer their clients to us, or ask for help connecting with a regulatory law firm.There are solutions for those who feel it is worth the time and money to implement them to achieve their financial goals.

We see typically 1-3 % for acquisition fees (keep in mind money is spent by sponsor in due diligence that can be lost if determined not to purchase so some risk there for GP), 1-3% for asset mgt fee to manage the property manager and ensure the business plan gets implemented, disposition fee of 1% optional.

Once you buy the whole town can you try and implement laws allowing grocery stores to sell beer?