Specifically will this property require a secondary form of egress and if so, can the architect provide this in building permit  plans and does the change of use trigger the need for an NFPA 13R sprinkler system?

Put locks on each bedroom door so individual tenants have security of their personal belongings.You need a really good set of rules regarding shared common space, cleaning, kitchen use, bathroom use, etc.Be very clear about the rules up front, and selective about who you put in there.

I've been interested in real estate since Carlton Sheets but never pulled the trigger. 

The advantage is you lock in a fixed interest rate for the life of the loan.

Yes you are giving up a rate that you probably aren't going to see again anytime soon, but as long as you aren't locked into an extensive penalty period you can always refi again if rates plummet to the point that it makes sense to do so. 

@Karl Kauper going to guess your current PMC:1) Is having too many tenant nonpayment issues for your likingAnd/or2) Refusing to share their background checks with you, so you can make your own approval decisions to address #1 above.Several factors may be at play here that you may want to consider before being trigger-happy:1) For several legal and contractual reasons, it's pretty much NOT possible for a PMC to share background checks with an owner. 2) What Class of property do you own?

Things like whether a tenant has a key on move day (we use digital door locks anyway) and having to buy lockboxes... these are things clients should not be burdened with. 

I like faster growth, land locked markets with premiums.

Don’t give them the address of the property as this might trigger an event that will cause change.

Land locked, so would need to get a right of way off someone.