Are owner-occupied buildings regulated elsewhere? 

Supply being low is not a sign of the top of the market.

http://www.har.com/content/newsroomHouston Real Estate Highlights in January Single-family home sales rose 1.7 percent with 4,080 units sold;Total property sales edged up 0.9 percent with 4,997 units sold;Total dollar volume jumped 6.2 percent to $1.3 billion;At $210,000, the single-family home median price rose 4.0 percent to a January high;The single-family home average price climbed 5.3 percent to $275,696, which was also the highest level for a January;Single-family homes months of inventory climbed to a 3.5-months supply;Townhome/condominium sales fell 5.4 percent, with the average price up 1.4 percent to $187,178 and the median price down 1.1 percent to $138,000;Leases of single-family homes rose 5.7 percent with average rent down slightly to $1,718;Leases of townhomes/condominiums increased 6.0 percent with average rent down 4.7 percent to $1,497.

- Sending rent payment notices, tracking them, creating reports (you are going to want the reports when you sell or for taxes), making sure it is safe, fielding phone calls for general issues, ensuring compliance with regulations, handling issues from neighbors, about neighbors, sending lease violation notices when the puppy shows up, fielding questions about why we can't have a puppy.

I'm new to REI and I live in Cincinnati Ohio working as a rep in the medical supply industry.

Being in the beginning stages of investing,  should I still be saving receipts for gas,  books, office supplies (new printer,  software, ect)? 

Married man, working 9-5  started a clinical research supplies business and completing my MBA.  

In one of the neighborhoods close to where I work (outside of Baltimore) there looks like there are a bunch of triplexes that have some potential as section 8 rentals, granted they would probably need some rehab to meet the regulations. 

Some areas are regulated on how you account for the expense. 

Depending how strict the regulations are it may be doable with just an architect.