Andrew the issue is your counting on these wraps to pay like a government guaranteed debt instrument.. your wraps will fail thats a given.. the issue is now you have a non paying homeowner who you have to foreclose on whilst still making the mortgage payments tax's insurance etc.

Zoning must be residential, recreational, forest, or agricultural (remove the commercial, exempt, government, etc.)5.)

Plus you never know what the government could do in potentially changing the rules. 

City/county governments don't have that kind of manpower. 

The government (so far) will not force you to live with people you don't get along with.Likewise, you don't have to subject yourself to the health risks.

And the owner is paying you not only to enforce common sense rules, but to understand the ADA and the proper & legal way to hande a request for a reasonable accommodation.Most city and county governments have a position called an ADA Liaison (or something to that effect) whose position exists to train local businesses and landlords on ADA requests and what is reasonable / unreasonable as it pertains to accommodations (often the same person that gives training once or twice a year at the local Board of Realtors, so you might even be able to reach out to them for a point of contact).Rather than operating in a vacuum, or taking your advice from a public forum, why not reach out to that person in your jurisdiction and get an opinion straight from the horse's mouth?

Also, not diversifying overseas and having all your assets and income at the mercy of a single government is utterly (financially irresponsible).

And even if not passed, there have been some less than positive press on funds to acquire large numbers of SFR in certain markets, and local governments are becoming less accepting of them.

That's six months of free rent (thanks to the tax-payers and a government that loves to be generous with other people's money). 

Government reimbursement?