Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to husband and wife state law entities in community property states.

It requires using a home automation platform (I use hubitat), creating an API, and creating some rules within the automation platform. 

The rule of thumb for me used to be that the property needs to be able to do 20% of the purchase price in gross rental income.

The sponsor if they even consider allowing you would be a huge red flag for me knowing if they will accept non accredited investors what other rules are they breaking. 3.

The "land basis" cannot be depreciated, so your depreciable portion will be lower than $350k.We typically consider $1 million in building basis as a rule of thumb where it makes sense to evaluate the potential benefits.

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential.

Pete, try looking at cities within an hour of those areas.Lately, I’ve actually been seeing more properties hit the 1% rule, which hasn’t happened in a while.

They tell you right at the start in which states you can apply this freely, which states have certain restrictions and which states you cannot do this without a license. 

The tenant must pay the full amount owed to avoid eviction, even if the judge ruled in favor of the landlord.").  

There's no fixed max size beyond local zoning rules.