However, the costs of such an undertaking are not insubstantial and, would {most} often be better spent improving the performance of the building envelope and, if needed and possible, upgrading the central boiler to a {smaller output} high-efficency, direct-vented, gas-fired boiler. 

Alex:Your background is ideal for starting this undertaking and where most investors fail.

They cared for 10 people and the house was rural setting and lovely.To own a home like this and to then have staff and comply with state and county inspections is quite a undertaking, Let alone manage the daily lives of 10 .

He could have been undertaking historic rehab developments and utilizing the associates credit.

The law exists to protect the public from predatory behavior, not to prevent them from voicing their experience or opinion.The Virginia Supreme Court defines the "practice of law" as: One is deemed to be practicing law whenever.(1) One undertakes for compensation, direct or indirect, to advise another not his regular employer, in any matter involving the application of legal principles to facts or purposes or desires.(2) One, other than as a regular employee acting for his employer, undertakes, with or without compensation, to prepare for another legal instruments of any character, other than notices or contract incident to regular course of conducting a licensed business(3) One undertakes, with or without compensation, to represent the interest of another before [a tribunal, as hereinafter defined in UPC 1-1,] otherwise than in the presentation of facts, figures, or factual conclusions, as distinguished from legal conclusions, by an employee regularly Ö employed on a salary basis, or by one specially employed as an expert in respect to such facts and figures when such presentation by such employee or expert does not involve the examination of witnesses or preparation of pleadings.Virginia UPL Opinion 48. http://www.vsb.org/site/regulation/virginia-upl-opinion-48So, don't advise people on the law for money, don't prepare legal documents and don't attempt to represent people in courts or tribunals in Virginia without a license and you're not breaking any laws.Indeed, the very purpose of this community is to advise each other.

That, and I didn't want to undertake such risk at the forefront of my entry into REI.

Managing 5 rehabs is a huge undertaking.

The risk in real estate undertakings is significant.  

Whilst there are no guarantees their predictions will be correct the ability to understand and read economic data and population trends has proven over many decades to be a really good forecaster of growth in property markets.I would suggest that if you are not familiar with this type of analysis that you undertake some study to find the key drivers that grow markets.

It's a big undertaking for someone without experience, and will require an experienced builder for you to work with.