What the regulators are looking for is "equity striping".

Should I just go down to the city office and ask about all the rules and regulations?  

Becoming an agent will help me learn about the ins and outs, rules and regulations of real estate.

I can actually help with that.I do these deals in Colorado, and the same rules and regulations apply.

You have to be pretty strict with your numbers because you can't expect appreciation any time soon in MI and you are looking to hold anyway.Any other details or recent comps you can post?

It can be done, but make sure you can assign the option and make sure you conform to any state laws regarding L/O (I think VA is like NC in that they are now regulated).

What do your state landlord tenant regulations say.

@Brandon Ingegneri, from strictly an insurance perspective, it is much easier for me to find competitive insurance options for a landlord who manages for himself and others.   

Also, just contacted Ken Rishel of Rishel Consulting Group (via John Fedro) about requirements vis a vis compliance and legally seller financing in light of the new regulations.

I like using Arvest as a reference on how difficult it may be to get a loan as they can be pretty strict and if they will give you a loan really any other bank will likely give you one as well.