When you start talking about having your own kids in it, you lose some of the business aspect.

An advantage that I see to this is my ability to negotiate all of the aspects of the sale.

I purchased and managed 6 while working FT, but QUIT my job to focus on RE..I'm building and maintaining my portfolio...At some point, I will turn over to PM, but I enjoy handling the people aspect of my business!!

I could be wrong as I work in land development and not the building code aspect specifically. 

Certainly applicable in negotiation.For negotiation specific titles: "Getting to Yes"(Fisher & Ury), "Getting Past No" (Ury), "Crucial Conversations" (Patterson), "Bargaining for Advantage" (Shell) are some that I find interesting/valuable.

Of course in addition to the wealth aspect, some people like the fame of it. 

Welcome to BP community @Kevin Hoag It is a great place to meet new friends and learn about various aspects of real estate and more.

I am unfamiliar with the aspects of this and would really like to educate myself with this before I take on anything.

I'd rather keep the personal aspect of treating people like people than remove it and be all about policies.

Split everything down the middle and see where it takes you.I actually disagree with this approach...Part of running a business is having as much control over each aspect of the business as possible (even if you delegate the actual work and don't do it yourself).