You'll also need to avoid environmentally restricted spots, including wetlands, protected habitats, and prime farmland.

I personally would avoid over investing in this unit.

Management Company Requirements: Self management OK?

REPS is for someone who meets specific requirements- at least 750 hours in real estate and more time on real estate than anything else; so having a fulltime job disqualifies someone. 

This includes keeping track of rental days and ensuring that the rentals are legitimate and meet the criteria.How the Augusta Rule App Maximizes Rental ValuationWhile the Augusta Rule offers a tax-free income opportunity, maximizing rental value requires careful planning, strategy, and accurate pricing.

The IRS requires that the same taxpayer who sells the relinquished property must acquire the replacement property.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

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To me, you'll get a similar (if not slightly better) rate than hard money and you'll also avoid paying points for the hard money.

Does that make anyone think, "If you're not bringing any capital to the table then you probably want to avoid this strategy or you probably want to go with this kind of investment"?