What issues can arrise if I do not have a CO? 

They will tell you if it is an issue and if there is a remedy to bring it up to code.

I've dealt with many tenant issues (and tenant's helicopter parents haha), but for the most part the kids are good natured.Morgantown is a college town, with what I believe is a huge surplus of beds due to a recent surge of construction.  

I buy for location, and there are a few things that usually make me walk away - late last year I looked at something I was considering buying but there appeared to be a massive sinkhole developing at the driveway that was taking the slab with it - and usually those things are serious foundation problems, unsolvable/difficult to solve water issues, failing roof support system, no siding or severely damaged siding.

I do not want to assess any late fees, yet at the same time do not want this to become an issue going forward.

@David DiazLike Christopher mentioned, there may be issues with the particular condo projects you've been trying to buy in.  

You guys have definitely cleared up some of the issues I had, but have also given me a lot more to think about as well.I was obv thinking of a 401(k) to lower apparently was is my MAGI, but apparently there are other options that may be better, so I will def take a look at the article you mentioned Brandon. 

This issue is still being resolved I believe.A L/O that is with an occupant and where rental credits are applied is a financing agreement, you need to follow Dodd-Frank and Predatory Lender Laws with consumers (your tenants). 

If you  are seriously looking into buying this property and possibly using it as 2-unit now or in the future, I'd suggest spending $150-200 with a land development consultant who could explain to you the issues and challenges related to such rezoning process.All that said, City of Austin code enforcement is very complaint driven.

You're not going to cashflow on a water front property and you may have issues with seasonality and/or demand in a very tourist-driven area.If you have an idea of where you'd like to invest and what the numbers might look like, a good way to test the waters is to put an ad on craigslist showing a potential property with the rent you'd expect to get and see what kind of interest it gets.For my rentals in Louisville, over the past 6 years I've had anywhere from 2-3 emails a week to 30+ emails per day depending on the location, rental rate and time of year.