It requires more admin work from the PM to verify income and make sure you're always in compliance and there are inspections and standards you have to comply with for the life of the loan. 

Yes complicated but I’m fortunate that though not an attorney my wife does this for a living as a compliance consultant.

Account ClosedMost tax attorney's I know specialize in the followingRepresent US taxpayers in regards to foreign assets that have no been disclosed to the IRS on past tax returnsSubstantiate Transfer pricing costs between countrtiesYou likely don't want a Tax attorney for real estate activities.A real estate attorney should be able to do the following for youreview a purchase/sale of real estate agreementcreate an agreement for an entityconsult you on asset protectionevict a tenantA CPA should be able to do the following for youprovide tax strategiescomplete your tax compliance which provides you comfort that your return is prepared accurately.bookkeepingbusiness consulting/budgeting

Regulations include property related laws like the time and cost of evictions, rent control, code compliance requirements, etc.When you research a market, the key decision factors can be subdivided into short term and long term (10+ years).

However, having at least one borrower on the loan living their (i.e. family member), could put you in compliance.

There are steps and costs involved, but it can be done.If the PM was unaware and the tenants lied or are violating the lease, you can evict or try to force them into compliance.

In general, smaller buildings in NYC are difficult to manage as they entail a slew of services (rent collection, bookkeeping, maintenance visits, tenant disputes, leasing, local law compliance, payroll, insurance, insurance audits, etc.) that aren't cost effective for the owner of a small building, and the fees aren't enticing enough to afford the best talent in property management space.

Quick updateThe complete fire alarm system has been put in and our plan of action for bringing the building up to fire code compliance has been approved by both the city and state fire marshals. 

The municipality may even allow the architect/engineer to inspect and sign an affidavit of compliance with code.

For example, if it is the owner's or manger's practice to conduct a credit check on all applicants and/or to contact past landlords for references in order to consider such background factors as bill payment history, respect for landlord property, relations with co-tenants, compliance with essential conditions of the tenancy, the owner or manager may undertake those processes when evaluating the prospective Section 8 tenant's application.