These are 1930 buildings with old plumbing and electrical systems.

You gotta be ready to accept that, and building a system, and organization like James has to navigate crazy. 

The key to having great financial systems is the setup and systems: If you get everything structured properly up front, you avoid most of the ugly problems many RE investors face later on.I'm not an accountant nor a bookkeeper, but I have great recommendations for both!

If it is a security, I've read quite a bit about Rule 506 exemptions and the impacts of having accredited investors versus non-accredited investors - what is everyone's experience with this?

The linked article claims 8 out of every 100 renters are evicted annually, but that only counts tenants evicted through the legal system.

It seems as if  you never had control of the system, and there were no clear set of expectations.

This is a great system to get in place and one less headache to worry about. 

I am told that there is a 26% tax credit with a new solar project along with the ability to depreciate 87% of the cost of the system in the 1st year.

I dont like the higher tax rate in Howard County versus Montgomery County.

However, if your GC friend or their colleague was willing to be part of the loan that shouldn't be a problem.Here are some thoughts on your questions about building a new property versus buying existing ones:New construction: - Potential for Growth: Building a new property can be a great way to create exactly what you need for house hacking, especially in a market with low supply.