Hi Matthew,As someone who just purchased a triplex with FHA 3.5% down, there are certain regulations for FHA.

Are there any State-level regulation on late fees?

I've been a property investor here for 13 years so I understand the principles of investing however, the market in the U.S. is much more complex than the regulated market here.

You use a pressure regulator on the main to control this.You can buy little regulators that check your faucet pressures at HD.I like the new valves under the sink where you turn it off and on with a simple shut off.

The roller coaster rides of the stock market and low fixed income environments have whacked a generation hard, dealing many a knockout punch.

What rules and regulations did you have to follow?

If a new purchase buys it does some things go away with grandfathering with the business where new regulations kill profit and make it cost prohibitive to run??

Also, under the "new" {which are really the old} mortgage regulations you have to qualify for a 25yr (or less) amortization at a 5-yr term, fixed rate mortgage ... regardless of the actual mortgage you take in the end.If you are open to moving outside TO ... north or west to someplace on the edge of the sprawl, you may find a house or multi-unit (my recommendation) that you can afford.

I am here in Memphis and I also believe that the environment for getting started is good now and will remain good.

You should also consider on how to revise your rules and regulations and by-laws.