It requires careful planning and strict adherence to a number of rules and regulations, but if you do it right, you get lifelong rental income for you, free equity for your kids, and no taxes.

Now that you have decided to invest in rental income properties, and by doing so started a business, why have you not taken the time to sit down and learn the regulations that govern your business.Many landlord/investors come on Biggerpockets and post the most basic questions regarding tenants and landlords situations without ever bothering to learn the state codes.Why would anyone start a business or invest without taking the time to learn their rights and the rights of the tenants they are responsible for. 

More money in your pocket on deals you do.Cons-Many more phone calls from BS marketing firms trying to sell you something.More regulation.

@Sarah Hale  Pre foreclosures on the West coast are regulated by State law... folks can't just willy nilly approach people.. like you can in Texas.

My Parcel is within the same strip mall and governed by these same CCRs The CC&Rs prohibit my intended use in that stand alone parcel (Its currently a restaurant and I want to turn it into retail/service).

Or are you talking about certain situations where you may need to season your title a bit before a new buyer could use certain government backed loans to buy a flip property depending on how you acquired it?

I have 20 acquisition methods including Sheriff Sales, Tax Sales, Foreclosures, Auctions, FSBO, word of mouth, letter solicitation, REOs, government agencies (bought first house from Highway Department see BP Podcast #82), and Probates. 

I would like to add things like regulations on drug use, smoking inside, subleasing, etc.

I would dispute it...lots of problems with DeKalb County government...they should work with you, $30K for a water bill is outrageous.... 

There is also the streamlined 203k loan where you don't need a consultant, and there are less regulations.