However if you go outside of city limits then the county has more lax requirements and they are subjective about what is an MHP versus what is not - sometimes it's 4 homes, sometimes more.Most water wells can support multiple homes, it's more about the treatment equipment sizing (e.g. chlorinators, filtration systems) and ability to keep up with demand, and also regulatory requirements of water testing once you have 15+ homes - it becomes an EPA thing instead of your state DEQ. 

The text of the proposed House Bill regarding accredited investors is: "any natural person the Commission determines, by regulation, to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the Financial Industry Regulatory Authority or an equivalent self-regulatory organization (as defined in section 3(a)(26) of the Securities Exchange Act of 1934)"The last part is of most use, but whats an equivalent self-regulatory agency?

During the last downturn, the regulatory uncertainty in Washington had all 4 of my community banks no longer lending for portfolio or commercial loans.

I've also filed a complaint against him with the Michigan Department of Licensing and Regulatory Affairs (LARA). 

In your state that means about 60 loans or about a $1,500,000 in loan volume because of the higher regulatory costs.There are other solutions for smaller operators.  

There's no regulatory definition on the meaning of "investment" vs rental or holding period. 

We have successfully utilized a series of regulatory rules and constructs to qualify for increasingly larger offerings.

Additionally, in many jurisdictions there are regulatory/legislative restrictions on when you can disturb the tenants.I always figured, if I'm looking to drop $500K to +$1M on a small to mid-sized apartment building, I can make myself available for an hour or two during the week.... and as @Jeff Kehl indicated, if you've done all your homework and deem a property worth a walkthrough, you've probably already submitted a LoI to the Vendor.

American workers are financial slaves and our education system, political system, media, financial regulatory system, tax system and financial system pretty much ensures that this will not be changing.George Carlin on the “American Dream”https://youtu.be/kJ4SSvVbhLw

Lending on an owner-occupied project requires licensing and opens the lender up to a bunch of other regulatory issues.