You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

Hmmm...Fairly intricate situation here.

You have to consider everything coming in, and everything coming out, then you can fairly compare the two options.

But knowing what you are doing should be a part of investing anywhere -otherwise it is gambling and not investing. 

30064 is not East Cobb, it's in an area called Fair Oaks, which is split between Marietta and Smyrna. 

Fair housing laws require that certain forms of income MUST BE considered.

I have a fair amount of time to dedicate to real estate.

check with your insurance agent.. also federal law dictates that when your owner occupying your 1 to 4 unit you don't have to follow the normal fair housing laws.. you can pick and choose who you want to live in the units .. now some cities or states may have overriding rules regarding this.. but federal law is clear.. on owner occ 1 to 4.. your exempt from fair housing.so you can have a dog and you could restrict dogs for others.there is a well known list of aggressive breeds that insurance companies wont insure.. this is easy information to get.

It should be fairly easy to demonstrate if asked that this was not done as part of a tax avoidance strategy. 

as the neighbor would retain some value in the land (easement for drain field) and the land is essentially un-developable, what is a fair price range?