I only included a link about federal fair housing law to illustrate the point that not every rental in the country is subject to fair housing law.

The point I was trying to illustrate was what, @Ashton Levarek has confirmed.

So this is to sort of illustrate that "middle ground" of you being the "head" of your own management company but saving at least some of the 10% management fee.

The OP said there were ZERO scenarios where Sub2 deals weren’t slimmy, and he is flat out wrong as I think I’ve done a good job of illustrating.

Below is an illustration showing the annual vacancy cost for each.Determine the tenant pool you want to target by interviewing multiple local property managers.

In this example, and using very rough numbers to help illustrate the idea, let’s assume you already have enough money in reserves set aside for vacancy, repairs, and capital expenditures, and don’t have any pressing bills or obligations you must take care of in the near future.

Also, to illustrate to agents what some of my clients have experienced with an uneducated agent and bring awareness to agents looking to gain momentum in this branch of the industry.

My comments are merely illustrations of a way in which it could be considered beneficial to operate as OP proposed.

I am just trying to illustrate that without equity there is nothing to protect. 

Sometimes a little reductio ad absurdum helps illustrate the point, though.