If one or more investors just pays money and expects to get a profit based on others' efforts, you have created a security and SEC laws apply.

I can send you a couple of good condo Assoc law firms and an accountant if you want. 

And the new tax law accelerated that.  

This is in regards to Federal filing, but I'm in Iowa.Are there any tax professionals that can confirm or deny that's the case with the new tax laws? 

Well, I guess there's no better time than now to learn.1) You don't ask your Realtor about how to be a landlord, you ask a landlord how to be a landlord.2) The list you seek is one you have to compile yourself after reading books, researching NV tenant/landlord laws, reviewing other landlord's leases, watching videos, listening to podcasts, consulting with an attorney, hiring an accountant, and gathering all of the knowledge you can.3) The more you know, the easier your investing will be, and the more money you will make.

Get a professional tenant who knows the law more than you do and you can end up with something like that. 

Buy, fix, convert, rent, refi - hold on for equity and repeat.This new law is permitted in all of CA and each city has its overlay issues but you will have to research it.http://www.hcd.ca.gov/policy-research/AccessoryDwellingUnits.shtmlhttps://static1.squarespace.com/static/58e4e9705016e194dd5cdc43/t/59b33bc749fc2b50d07ec8ed/1504918476849/09-05+_+ADU+Booklet.pdfKeep us posted

If they don't pass, you can give notice as required by law and turn over the unit.That being said, if they've been a good tenant up to now, why rock the boat?

Rent control is a city imposed law, so read-up on it for your market. 

@Justin Kane has the right idea, I would stay out of NYC for investment.Our state government is about to fire a missile right into whatever is left of landlord rights in the city: https://www.nytimes.com/2019/04/17/nyregion/ny-rent-laws-regulation.htmlMost of those bills, if passed, will make NYC and more punishing investment environment than it already is.