I also have a very very very small chance of getting let go from my job since it is regulatory work for the state government.

They would have called for sure as the regulatory environment in Washington was completely uncertain. 

's comment:Also a good PM will be better than you at filling vacancies, evaluating tenants, regulatory compliance, and handiwork.

ValuePenguin is a good source for the relative cost of insurance by state.Operational Costs - Costs like property taxes, insurance cost, state income taxes, regulatory costs (ex: time and cost to evict), inspections, rent control, etc., have a tremendous impact on your return.

Must haves are:1) Contractor connections2) Regulatory knowledge, especially a pulse on what’s coming in the future (at the county, town and HOA level)Bonus points if you understand yield and how to underwrite deals.

Taking on extra regulatory risk anytime you buy in an HOA.

That said, when you claim to be in the business of dealing in real or personal property, then you are exposed to regulatory requirements as a dealer.

Also, I can be a sounding board for legal and regulatory issues. 

For Seattle, this is: Permits, Licenses and Regulatory Compliance - Seattle Services Portal | Seattle.gov

It is do-able, but some custodians may not accept this investment structure due to increased regulatory scrutiny of these entities since 2009.