.- You can buy additional properties and DIY manage those, perhaps leaning on the PMC for any issues you're not sure how to handle on your own.Good luck:)

.- Tell them they'll have to provide you with a copy of their renter's insurance naming you as additional named insured, with a minimum of (I use $300,000) liability insurance, also before they move into the unit.It's not perfect, but it's a start toward a tenant transparency.

What I found was, yes it was nice have additional income, but each project seemed to always interfere.

Why do I need to tell people where to go and eat when they have Google and Yelp?

I read the actual laws on the books in addition to seeking investor input on this site.    

You can't have your cake and eat it too.

We have been working to be extremely conservative with our estimates but with this being our first go at this, any additional expertise is greatly appreciated! 

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

Would be great to reconfigure the lot lines on the two additional parcels so they'd both meet the minimum to build.

Additionally, the replacement property must be real estate to qualify under IRS rules.