Modern codes might require 5 in a room like that.

Essentially, a 1031 exchange is that neat little trick in the U.S. tax code letting you swap out one investment property for another “like-kind” property, all without taking a tax hit upfront.

The local law says that the non owner occupied property being rented will need a designated host that may or may not be the owner however that other line item in the code that stipulates that the host must be available within 30 min driving while the unit is occupied becomes the dealbreaker.

Quote from @Hector Espinosa: Hi,I'm negotiating a seller financing deal which may be my first one and would like to ask for some advise about and what are advantages and disadvantages about seller financing deals.These are the seller financing terms:House Price: $330,000.00 USD​ (Sellers still owe ~$301,000 USD)Down Payment: 5% = $16,500 USD​Loan Amount: $313, 500​ (Monthly payments will be amortized as a 30 years loan​)Interest Rate: 4.531%Balloon Loan Term: 5 YearsMonthly Payment (P&I): $1,594.24​Closing Costs:  ~$3300 ​Zip Code: 74105Observations:       * HVAC requires an update but pending to inspection (replacing with a new one will cost ~$10,000 - $15,000 USD )     * Expected Rent Income: $2,000- $2,300 but this is has been really complicated to get a good estimate because is all over the place in the different sites I have checked

You won't find them on zillow or MLS.Direct marketing, driving for dollars, probate, foreclosure, divorce, code violations, dilenquent taxes, owner in jail etc.These are ways to find way below market price deals with little to no competition. 

There are only a few people worth it and that's for their injectables (code) to rank at the top. 

My property is in the Homewood/Vestavia area...35216 area code.

I am thinking I'll have to set aside expenses to redo the wiring, plumbing, etc and bring them upto code. 

All the bylaws, building codes and fire codes can be found on the city website.

Because these communities would be in smaller towns and rural communities, the licensing jurisdiction is the county, meaning that code requirements are more often vested in the fire marshal and are less onerous than city requirements for the buildings and the site improvements.