They are way less strict on this stuff because they hold the notes.

Each dwelling unit must have one main egress door, as well as each sleeping room, basement and habitable attic must have a means of emergency escape (door or egress window).Additionally, the code (IBC) for 3+ units is much, much more strict than the code for 1-2 unit buildings (IRC). 

Some investors are more strict (as are parks) than others.

A buddy of mine in college became a broker and we recently reconnected.I asked him about real estate investing and told him I am looking strictly for bargains, etc.His advice was "always buy your own place first before you start investing in rental property.

And finally, the last option considered by lenders before foreclosing is a short sale.Understand that making use of any of these alternatives requires strict qualifying by the lender.

Yes, I've been reading the regulations and it does appear to be very strictly regulated in CA, as a matter of fact, their are certain bars against receiving ANY advanced fee by a mortgage "consultant" when doing these loan modifications.

Cash flow is KING in the rental business and having even millions of dollars in appreciation won't buy you so much as a diet coke.

I strictly flip on seller finance.

Sure, if I am going to be shooting at something over 20 yards, I'd prefer to have mine 9mm or a 40 cal, but for strictly an off duty / CW, hauling around a 9mm or a 40 cal and trying to keep it hidden is not practical or necessary.

That's strictly personal.