Jon Holdman just cited a bunch of laws pointing out DOS violations with any option to buy.  

Just wanted to see if anyone has had any issues with the new law that went into affect on 3OCT15.

Possible, but you need legal advice to structure things correctly to stay out of securities law trouble (federal exemption and compliance with state regulations) AND to know how to legally make any offerings available to prospective investors.  

The laws are what differ from state to state.

We are looking to purchase in New Orleans, LA. 

It sounds like you have the law on your side.

And depending on the age of your property, you will want Ordinance and Law coverage so if your building needs something replaced, you have the extra coverage to bring it up to code.

I don't see anything about this in NH law.

There are laws pertaining to smoking outside, as others point it out, there are measures for this, like only backyard smoking and no cigarette butts on the ground, the weekly gardener should be able to get take care of this though, put all the fines together and in order.

I don't know inheritance law in CO but the property may have transferred from deceased wife to husband by operation of law despite the tenancy in common.