The landlord tenant regulations and tenant friendly legislation is the root cause.

It requires careful planning and strict adherence to a number of rules and regulations, but if you do it right, you get lifelong rental income for you, free equity for your kids, and no taxes.

Now that you have decided to invest in rental income properties, and by doing so started a business, why have you not taken the time to sit down and learn the regulations that govern your business.Many landlord/investors come on Biggerpockets and post the most basic questions regarding tenants and landlords situations without ever bothering to learn the state codes.Why would anyone start a business or invest without taking the time to learn their rights and the rights of the tenants they are responsible for. 

More money in your pocket on deals you do.Cons-Many more phone calls from BS marketing firms trying to sell you something.More regulation.

@Sarah Hale  Pre foreclosures on the West coast are regulated by State law... folks can't just willy nilly approach people.. like you can in Texas.

I would like to add things like regulations on drug use, smoking inside, subleasing, etc.

There is also the streamlined 203k loan where you don't need a consultant, and there are less regulations.

I have read the rent control regulation too many times.  

As the owner you will have the right to terminate a tenant of your choice unless your state regulations say otherwise.We use it here to remove tenants with rent below market.

You have some time (I think 90 days) after you buy the place to move in to still be compliant with FHA regulations.