In some states the annual fee is close to $800.

The latest ordinance I find still states rent control only applies to 4 units and above. 

In my state, Minnesota, changing the locks on a tenant before the tenancy is ended is a huge problem. 

As a multifamily specialist there, I do mainly two types of housing: affordable (DSS, Section 8, CC), and students.Binghamton University is a massive state school that's outpacing the higher-ups' expectations for growth, and has been for a few years now.

Are you looking to explore out of state markets, or in NC? 

Some lenders may also want to see law and ordinance coverage in your insurance and perhaps a rebuild letter from the city stating that the property could be rebuilt as a residential 4plex if destroyed. 

I invested briefly out of state, and while I made money, I wasted a lot of time chasing returns.

I did reach out to 1 local bank which was recommended by the listing agent and they are currently not lending to out of state investors.

@Mindy Rosscup, you want a contract that is specific to the laws of your state.

Quote from @Renee Coss: Funny you mentioned out of state, I have been considering investing out of state.