Maintenance of of the property (including landscaping), proper termination of lease, adding/removing tenants or animals, dealing with damages and deposits, and more. 

Your Pre-Approval letter properly positions you and your agent as to what your buying power is.

It seems that this would open us up to potential legal issues if the management company were to use discriminatory tenant vetting practices, not following the proper process during an eviction, etc.I would expect that part of the reason to hire a management company is to have someone that is more familiar with these laws and to ensure that we are not in violation.

What did you do to ensure the pool was properly maintained to avoid large, unnecessary costs?

With that being said, make sure you properly research and receive referrals when deciding to use a HML. 

@Josh Darley instinct and gut feeling are worth their weight in gold. 

So, a disgruntled investor in a properly done Reg D offering would have to prove fraud or failure of fiduciary responsibility to be successful in a lawsuit while in a private offering relying instead on the general exemption the burden of proof would include many other charges, such as non disclosure, inappropriate investment, due diligence failure, etc.

Individuals will owe the tax if they have Net Investment Income and also have modified adjusted gross income over the following thresholds:Filing StatusThreshold AmountMarried filing jointly$250,000Married filing separately$125,000Single$200,000Head of household (with qualifying person)$200,000Qualifying widow(er) with dependent child$250,000Taxpayers should be aware that these threshold amounts are not indexed for inflation.If you are an individual who is exempt from Medicare taxes, you still may be subject to the Net Investment Income Tax if you have Net Investment Income and also have modified adjusted gross income over the applicable thresholds.NII consists of the sum of three categories of income reduced by any properly allocable deductions for each [Reg. 1.1411-4(a)].

Now, investors who do not properly account for a state or area's specific property tax situation can be in for a big surprise.I would be concerned about too much dependence on a military base (can't comment on Meridian MS in particular though).

Other potential requirements are size (10'X10' as one example), having a closet, having heating to the room, having proper electrical outlets in the room, etc.Look up your local municipality building codes to ensure you have it as a legal room with permits so it can be added to the assessed details/title.