And as Bryan stated, you're permitted up to 35 non-accredited investors.  

You must determine what their rules permit in terms of rentals. 

Excuse the blank profile, had to recreate due to email account troubles.

They have all been remodeled by another investor who dealt with the headache of permits, contractors, city inspectors, etc. 

Grounds for denial of issuance of license or for disciplinary action(A) In addition to Section 40-1-110, the commission may deny issuance of a license to an applicant or may take disciplinary action against a licensee who:(1) makes a substantial misrepresentation involving a real estate transaction;(2) makes false promises of a character likely to influence, persuade, or induce;(3) pursues a continued and flagrant course of misrepresentation or makes false and misleading promises through associated licensees or through any medium of advertising or otherwise;(4) in the practice of real estate demonstrates bad faith, dishonesty, untrustworthiness, or incompetency in a manner as to endanger the interest of the public;(5) represents or attempts to represent a real estate broker other than his broker-in-charge or property manager-in-charge without the express knowledge and written consent of the employing broker-in-charge or property manager-in-charge;(6) guarantees or authorizes and permits any associated licensee to guarantee future profits from the resale of real estate;(7) makes a dual set of contracts, written or otherwise, by stating a sales price higher than the actual sales price in an effort to obtain a larger loan from a lender or lending institution or for the purpose of misinforming a governmental agency or any other reason;(8) is convicted of violating the federal and state fair housing laws, forgery, embezzlement, breach of trust, larceny, obtaining money or property under false pretense, extortion, fraud, conspiracy to defraud, or has been convicted of a violent crime as defined in Section 16-1-60, has been convicted during the previous five years of a felony directly related to the practice of the profession, or has been convicted during the previous seven years of a felony, an essential element of which is dishonesty, reasonably related to the practice of the profession, or pleading guilty or nolo contendere to any such offense in a court of competent jurisdiction of this State, any other state, or any federal court;(9) fails to report to the department in writing by certified mail, within ten days, notice of conviction of a crime provided for in item (8);(10) fails, within a reasonable time, to account for or to remit any monies coming into his possession which belong to others;(11) pays a commission or compensation to an unlicensed individual for activities requiring a license under this chapter.

Two of my key questions:1) Can you pull a permit. 2) What do you charge for (list of typical items here).I can typically tell based on their pricing for my laundry list of repairs whether they're too pricey for me or not.

Though the rent amount is in line with the area, your tenant pool is more limited, and there's a lot more space to maintain and get damaged, so your returns likely won't be so great.If you find that it's difficult to rent, I thought @Corby Goade's idea of converting it to a duplex is a good one if the building and zoning will permit it; alternately, you could knock out a wall to combine a couple of bedrooms to make it a 5/3 or even a 4/3 (or use some creative marketing - it's 5BR + office/den/whatever) to help make it sound more in line with norms.Hopefully you'll find a family that will want to rent it for years and years - it'll no doubt get torn up, but we all run that risk with our properties.  

Currently have a 10 unit project in permitting in the 33914 zip code.These small scale communities are targeted to GenX & Baby Boomers as they prefer smaller quieter communities that come with professional management.Quite a shortage of 2bed/2 bath apts especially in the Cape. 

There were a few issues since utilities were off for a few years, I needed additional permit and inspection to turn on the electrical.

Either you don't fully understand the cost of properly cleaning up such a mess or are willing to take shortcuts to do it without necessary permits and government oversight....likely incorrectly and thus cause further ground contamination.Good luck