I am unaware of any law in any state that requires you to have a CPA.

Legal and Regulatory HurdlesReal estate transactions involve legal complexities that can overwhelm newcomers.Solution: Learn about legal requirements early on and seek professional advice when needed.

Newer septic rules also require enough land for two septic tanks per each one you are required to install.

@Jim LynchSome typical minimum tenant screening requirements look like the following, but it depends on your market:-Renter has a gross monthly income of 3x more than the monthly rent-Minimum credit score of 650-Renter must have no prior evictions-No felons (or other notable criminal history)There are a number of different tenant screening softwares out there such as Zillow Rental Manager, TransUnion SmartMove, etc.Be sure to complete an employment verification by contacting the renter's employer and confirm the details they shared with you, landlord verification (if they have a previous landlord), credit check, and background check.

Also your permitting process, type or land, grade of land, if underpinning is required will all play a factor into your cost. 

My focus is on providing either turnkey-style space for those interested in temporary, infrequent use or long-term leasing for business folks who require conference room space (or perhaps event space).  

If the property does not require an extensive rehab and just needs cosmetic repairs then a standard landlord dwelling policy in most cases depending on the carrier.

As others have mentioned, having a good ballpark estimate of rehab costs before closing is also smart, and likely required if using a hard money lender. 

The biggest thing with 5+ units is everything is more expensive, and the inspection requirements (depending on the municipality) are often more rigorous.

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.