Which governing body determines these requirements?

Loopnet has some comp information, but requires a paid (and not cheap) account to see it.Commercial properties are generally valued based on income, not comps per se. 

Are we required to pay FICA tax on the deferred income? 

But since I am in the fire area of Altadena I will be very busy rebuilding houses for the next decade for me "day job".

When something goes wrong, you can find the best contractor for the job, who can make the repairs right away, and now your tenants are happy, and you have minimized the time you would have spent speaking to your tenants about the delay or fighting a warranty company.

I am based in Virginia and licensing requirements here seem manageable.

Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing.

There is so much that goes in a business, rental rates, rental tax, inventory,  job costing, payroll, business analytic reports etc, QiuickBooks does handle what I have mentioned here. 

I have a few dozen rental homes, and I've found that the only master umbrella liability policies my agent can find now require $1 million underlying liability coverage on the landlord policies.

We do live an hour away from these properties and have W2 jobs.