I would plan to sell this property when the tenant is no longer ready to renew.

No expensive hobbies other than the kids (I play disc golf and I like to do wood working).

Long story short, no, no one is currently enforcing the 2 property limit.

The value on the Nubble is very stabile, no issue on appreciation over the years.

Or are you at ground zero with no experience no cash and want to use real estate as a tool to build wealth?

However, if there's no agreement in place then it's up for negotiation. 

If this is a brand new facility no matter what, you will still need a Certificate of Occupancy if that PZ entity requires.

Also, if eventually you get into that house hack, and elect to self managing a duplex, triplex or 4-plex that you own/live in, you will by default learn about property management skills and no license is required to manage the property you own.To answer your specific question, yes - you can become an employee of a property management company to learn about property management and I highly recommend it!

Pay penalties and interest if state comes back. 

We recently paid off our debts, and assuming no mortgage, we currently save about 70% of our post-tax income, around $10-12k a month.Would you still highly suggest getting a 203k loan, or would you recommend getting a standard mortgage loan from a lender?