Do you have to honor that lease under the lease agreement terms with prior owner or are you able to require tenant to sign new lease under your terms?

However from what I've seen it takes about 300 signs to get a contract and you'll want to keep putting new ones up each weekend because code enforcement will take them down.

Here is a link to the code that reads as such: IN CODE Section 25-34.1-3-2.(3) section 11 of this chapter;no person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license.- See more at: http://codes.findlaw.com/in/title-25-professions-a...Here is a link to all Indiana codes for anyone interested: Indiana Real Estate Commission Laws and Regulations.With that being said, if you're considering a manager/management company here in Indianapolis, you can check to see if they are licensed here: Indiana Professional Licensing Agency.From the IPLA site, you can search both an Organization or an Individual.  

Every municipality will be different and you'll want to talk to their licensing and inspection people...and probably take on the boring task of reading through some of the code.

I am keeping options open to rest of state, but not in the extremely expensive zip codes.  

If you are looking for off-market deals and work with Cash Buyers, I will provide the deals in any Zip Code.  

and enough space in front to comply with code? 

I suggest you read up on your state's property code.

This note is subject to Section 2966 of the Civil Code, which provides that the LENDER of this note shall give written notice to the BORROWER, or his successor in interest, of prescribed information at least 90 days and not more than 150 days before any balloon payment is due upon requests.All payments under this Note shall be made in lawful money of the United States of America.

I deal with a contractor in Maryland and correct me if I am wrong but Maryland has just passed a code that houses need to have sprinkler systems throughout.