Administrators are only subject to regulation if required due to profession (CPA or attorney), not for role as administrator.

You can go to the agents broker and/or file a complaint with the state board as the handling of earnest money in most states is regulated but it is not going to do anything allowing you to purchase this propertyKeep following the property at HUDhomestore.com as properties often come back on the market. 

Usually, they can give you legal advice too, and will be able to give you all the information you need on security deposit regulations in your area.

Condos are regulated by NY Department of State and you have to file all sorts of fun stuff with the AG.Peek at these then I'd suggest consulting a RE attorney or maybe a commercial RE agent who's got experience with conversion.COOP Condo Conversion Processhttp://www.ncsl.org/documents/environ/NYcondo.pdf

There are so many rules, regulations, and hassles that come with tenants and I personally like having someone else having to deal with it

The vast majority of time regulators lose.

Perhaps better regulation needs to be put in place for the rental units.

Also be advised that certain localities (cities) have even further late fee regulations.

I was looking into this issue regarding lending out of a SDIRA to a disqualified person's business entity  but the ARISA lawyers I spoke with could help one bit.The only "legal" way I know to do this would be a way that the IRS refers to as a "ROBS":https://en.wikipedia.org/wiki/Rollovers_as_Busines...I had one for a couple years, but was very uncomfortable with the level of documentation, regulation and perceived risk associated with it, so I shut it down.

Now a days most developers subdivide those lots, but the local City regulations have changed where individual lots are given individual #'s.