I'm most cases you would run into security regulations.

You can write your own operating procedures and do quarterly and annual meetings between you and your partner, but it's not as complicated as it sounds.

You must submit a request for a letter ruling to make a late election or revoke an election.Any change in the placed in service date of a depreciable asset.See sections 1.446-1(e)(2)(ii)(d) and 1.446-1(e)(2)(iii) of the regulations for more information and examples. 

I've been looking at a few other locations 3-4 hours outside of Dallas that have more relaxed or set-in-place regulations.

Publicly traded companies falsify financials, SEC regulators missing fraudsters, etc.  

Understanding the management terms, including fees and tenant handling procedures, is also vital.

Federal Regulators HATE smaller real estate investors for some reason and really come down hard on banks for funding their deals.

Do the same approval policies and procedures apply to section 8 renters?

Remember, before investing in a property, it is important to research local regulations and conduct thorough market analysis.

My thoughts:1) Check the new regulations, with A2P, they may be clamping down on cold texts and most may not even be getting delivered nowadays.2) Just texting is much too passive.