Read this post HERE that I wrote on this topic and maybe it will help some. 

Hi everyone,As part of a curriculum I'm developing, a required topic is "Requirements for an escrow account associated with a “high cost loan”.

This LLC topic comes up daily, and now multiple times a day. 

If you like this vid and want others, let me know what topics you’re most curious about — Thanks! 

On the note of topics and code, depending on when the house was built if you replace the dry wall you lose grandfather status and will be required to update both the plumbing and electrical to modern standards.

Does anyone know of any states that have their own regulations on this particular topic? 

This is a great forum with very knowledgeable members that will help to guide you in the right direction.I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alertsThere are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides

For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could start your search here: https://www.biggerpockets.com/search/users

Refer to the bylaws, there should be a remedy and due process for enforcement outlined within them.

I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alertsThere are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides