As noted, if your options are Reg D, private offering vs fully registered public offering, even if you are talking Pink Sheet (OTC) stocks, you have public filing costs, annual audit requirements, and likely more on-going expenses that have to be covered by the property(s) owned by the offering.  

Take the toilet out without damaging it, put a sanitary cover over waste hole, put toilet on shower floor.

The 2 units that are rented are covering the mortgage so yes there's room to lower the price on the other 2.

If their policy ever lapses or is canceled, they are automatically enrolled in my master policy and covered. 

Our biggest climate risks in central Texas are typically wind and hail, so anything of concern regarding the roof could get an applicant declined including trees too close to the roof surface, roof over 10 years old, etc.

There is also parking per unit and impervious cover that could be an issue.

My business partner provided the upfront cash for the down payment, and we used hard money to cover the remainder and the rehab costs.

I think your biggest issue with any "work-arounds" is going to be your legal liability and holding the proper insurance in case something goes wrong, which I'm going to assume you'd need to be properly licensed in order to be properly covered by insurance.

Interesting that this seems to cover all property zoned residential, with no apparent carve out for a transaction of residential property between two investors.  

Thankfully, my wife is still working, and we have a few months’ worth of emergency funds to cover our expenses.