Hi Jasmin,It sounds like you're learning valuable lessons in the fix-and-flip game!

Licensing requirements vary heavily by locality and usually the home will need to have a sprinkler system, bedroom size requirements, there may need to be min distance to any other licensed homes, etc.

Ellijay and Blairsville are late coming to the vacation rental game, but are trying to catch up quickly.  

The financing for each can be varied.

The timing for this varies but can take anywhere from a couple of weeks to a month, depending on the local housing authority’s schedule.Additional Paperwork/Procedures?

Mortgages vary.

It's all fun and games until a reckless driver jumps the curb...Since your investment goals are $300 monthly cash flow and 30% equity, you’ll need to make sure the numbers work for both properties under these new financing terms.

The original post mentioned Passaic County - but rent control will vary per municipality. 

Its to make sure you have enough skin in the game on this property such that when you buy the next one you're not going to be in over your ski's.Hope that helps, there are many ways to structure your situation so that you can bob and weave around these obstacles.

Real estate is not the only game.