Would there be any issues from a compliance perspective doing this? 

Certainly puts things in perspective. 

I am ok living without paychecks for couple months as long as I can learn and experience the real estate industry (especially from investing perspective).

Purely from a cash on cash return perspective, for a small town in CA with above-average growth historically and some good market indicators for future growth, is this a good deal or a bad one?

I really like that perspective.  

@Chris WycheThanks for the perspective.

@Russell BrazilAlthough I understand the perspective, I think real estate agents consistently trashing zillow crosses over into (at times) conflict of interest territory. 

Maybe someone on the board would let you look at a vacant unit to at least get some perspective of layout if nothing else?

So, from a contract/lease/legal perspective, I am feeling pretty solid.The issues are coming in actual enforcement.

We just went through that ourselves and refinanced out of RI Housing so we can then look towards our next property, both from an occupancy perspective and having the option to use an FHA loan in the future.