@Avi Garg: You can sell all you want, just cannot get paid for it either directly or indirectly... so long as you are doing what would be classified as administrative tasks (i.e. not attempting to replicate what a professional RE broker or agent would do), you would be within the confines of the regulations

@Jaago Viitkin you may be able to attempted a wrap where the existing mortgages are wraped and the new tenet pays the monthly payments, through a servicing company?

I'll attempt to mitigate these concerns as I build a routine/process.  

Unless you have a VERY good team put together, I wouldn't attempt any flips, and purchasing rentals with only 100k cash is putting all your eggs in one basket.Just my $.02.

A lot depends on your appraiser/lender.I wouldn't necessarily worry about rent control issues, only to the extent that the city may attempt to convince you to keep your pre-existing tenants for longer than you'd like when you move in (your old tenants may call the mayor and/or city when they figure out you are raising the rent, and the mayor/city is very proactive about trying to help tenants in need, etc.).

I am attempting to finance my first purchase of a fourplex with my GI Bill.

I can't think of any attorney that would attempt to foreclose on an association that is dissolved.

@Dawn Roof I would be very skeptical about this deal considering A) they won't let you into the house until an "offer is accepted" and B) they won't attempt to provide you with any sort of rental history.  

Sorry to hear that your first attempt hasn't gone well.

We prisoners ... err, citizens of Bruce Ruiner's kingdom (the brash knave attempts to wrest control from the evil dark Lord Madigan, despot of Springfield and take those riches for himself) would kill for taxes that low!