My understanding has always been that if they stay after the expiration of their Lease,  that is enough to trigger the MM Lease in Chicago.Where is that code section?

You cant really break it down by zip code - a lot of areas it depends on the block. 

Probably not a big deal on a house that is one year old because everything should be up to code.

So, talk to the zoning and building department to determine the building codes and zoning codes that will apply to your project. 

Can you sell shares, distribute cash flow, and bring people on without violating any SEC codes?

Only look at zip codes that have a least 3k housing units (target rich environment) and a median home value of 100-250k.

Lansing is very spotty too, and with the code compliance and high property taxes, cash flow can be challenging.

Does anyone have experience with multifamily and fire sprinkler code? 

-ownership of 5 years or greater - > 20% equity-Four Different zip codes

Two members will be the managing members and also providing capital, and one member will strictly be providing capital.We would like to put a waterfall structure in place for any money distributions, including preferential return on cash yield, and an IRR hurdle for liquidity events, etc. and we would like all this to be clearly spelled out in the operating agreement.