It'll be my first property purchase ever and I plan to live in one unit (to be in compliance with FHA regulations) and rent the others.

Septic systems are sized based on the number of bedrooms in a home and typically highly regulated, obviously if this house is 100 years old that doesn't really apply.

Also the state regulations allow certain quantities of asbestos containing material to be disturbed without obtaining permits and inspections.

The home owner type seller is not expected to be a mortgage whiz, the level of knowledge is very low and requiring them to comply with regulations meant to curb lenders or operators dealing in financing is an undue restriction for Simple Simon.

Regulations changed that several years ago.  

The IRS regulations don't actually have a time limit, although advisory opinions have said at least a year and not just to hold it in order to meet the threshold, but with the intent to keep it.

Search Bigger Pockets for "de minimis" articles and check out the IRS site.https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations

The taxes and regulation in ATX can make your cash flow evaporate.

FHA regulations allow the servicer (Novad) to sell the property for the lesser of the outstanding loan balance or 95% of the most current appraised value.

Lenders operating in the space of investment properties loans are not held to the same standards/regulations as consumer lenders because it's not the same type of financing.