You can borrow from immediate family without regulatory issues spooking you family transactions are exempt from brokerage lending.

Loser,Due to regulatory requirements we must follow standardized application and qualifying standards for the approval of all lease agreements.

I appreciate so much bigger pockets.As far as the zoning, I made calls before starting the project to the county and spoke also to the state regulatory agency.

Every state will have license requirements for a lender, if anyone tells you otherwise, they are wrong, there may be exceptions, but commercial lending is regulated in all states.Commercial lending has much less regulatory oversight, than consumer lending, but it is not without compliance requirements as it was with some guy writing a check for a loan twenty years ago or even five years ago.  

There are too many possibilities when your duties may / will overlap with who ever is managing the other part (e.g. plumbing, electrical, heat, water, sewer, garbage, landscaping, tenant complaints, security) regardless of who is technically in charge of these items; let the finger pointing begin.I don't have any specifics but generally speaking these kind of properties have extensive reporting requirements regarding the tenants  (e.g. certifying that tenant meets income requirements), units (e.g. inspections), financials (e.g. audits) and regulatory compliance (e.g. anti-discrimination rules).

For starters you need to read your management contract, then you may want to make a complaint with the local real estate regulatory agency.

Now the loan for the GMAC financing has a HUD Regulatory Agreement for Mortgage insurance.

I spoke to an experienced banker at a local credit union and they told me that they are governed by a different regulatory agency than the banks.

They will let you know if the area you are considering is under any regulatory restriction.If you are in an area with an HOA(I'd forget it) they usually have set standardsand a mud hut ir a "tire" house will not pass muster I'm sure.Build Regs folks can point you in the right direction and let you know what will be required for the area.

Basic agency law.Next thing most investors don't have a clue about, is that state real estate commissions, cease and desist sit orders and fines are not necessarily a judicial matter to be found in court cases, regulatory agencies have administrative authority to deal with violations in administrative hearings, which may or may not be made as public information.