Did you receive a code compliance letter from the city/county/state about it? 

Then look for what you know you can bring into compliance with their demands.

It's easy for someone like you or I who see 800k SFR's to jump at a 100k SFR w/ 1100 rents somewhere thinking it's a bargain... it's not, haha.My CPA is throwing one of those container homes in, I think the infrastructure and permitting/code compliance costs brought his expenses up well above the 20k mark. 

Danger areas can be receivables, facility utilization, pending regulatory actions and code compliance. 

Your goal could be to save the tenancy by having the tenants quickly come into compliance with all the terms of the rental agreement.

What are the compliance factors to consider?

The course work is mostly about compliance, and you don't even fill out a contract here in Illinois until you are active as an agent and have passed the test. 

Or, better, talk to an attorney about your business and compliance. 

I work in bank regulation (although not much w/ residential compliance) - but there are enough rules, exceptions, unexceptions, and ways to run afoul, to make your head spin.

SInce any good agent won't stand for giving 50% away, that means a bunch of newbies, adults to retrain in business, ethical issues, legal matters, sales, compliance issues and tons of records to keep, forms to buy, signs to get, clubs to join, office to furnish....I think I'll stop.