Federal Government regulations are very complex and even when we might think that we are doing it in the correct way, a federal inspector can see it in a different way, which does not excuse anyone from penalties and fines.

You should go to the building department and talk to them on this, as laws and regulations change frequently.

Under the proposed rules, which are mandated by the Jumpstart Our Business Startups Act, companies would be permitted to use general solicitation and general advertising to offer securities under Rule 506 of Regulation D of the Securities Act and Rule 144A of the Securities Act.

Check on local rental market and government regulations thereof.

Options are also effected by new IRS regulations and will most likely be seen as and treated as a sale.

I would start with officially notifying the tenants about new ownership and new leases based on your state/local guidelines and ordinances ( you may be able to find it online) In the lease you have to clearly state the rules/regulation and terms of the lease and put the tenants feet to the fire.

I agree with your comment Gene Hacker, so many people waiting on the sidelines for so long, in many markets was like a 'bum rush'.

Gene Hacker We actually are in a similar situation to you.

The "count" of 3 (or 5 in some states) IMO comes from the exemption (in some statees) under SAFE laws and from definition(s) of "dealer" and "dealership" in places like a state DMV regulations.

More companies have shipped jobs to countries where there is less regulation and taxes.