My suggestions:* Requiring code compliance and safety equipment is absolutely valid and should be part of the regulations* Requiring owners live within 15 miles is not necessary since poor hosts whether they're local or distant will violate the 3-5 warning system and earn a suspension.

What is the interest rate on borrowing compared to the rate you are earning, then take into consideration the tax consequences. 

If you haven't yet found a CPA or tax professional to help you save on your tax bill each year, would you want BP to help recommend a tax professional for you? 

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

I pay $875 (including principal, interest, taxes, and insurance) and rent it out for $1,625.

if you buy a long term rental, you may not see true returns for 5 or 10 years (although there are other immediate potential benefits, like passive losses on your taxes). 

That’s $900 per year in earnings.  

You'd learn and potentially earn a profit at exit.Another way is to wholesale the land.

You may be able to deduct mortgage interest and property taxes before the property is in service. 

It is tax free in the sense that you will not owe taxes today on the cash-out.