The owner of the crane company ran for city council, won, and helped repeal alot of the regulations that were hindering his business. 

I can not imagine having anyone calling themselves a contractor ever leads to a bad outcome  ;) got s to be very careful in Texas.. no doubt.. its not Oregon.. which you know is highly regulated.. to the point you cant even flip homes without a developers license.. which 99% of home flippers don't realize until they get fined by the CCB

Things to consider: PM is very time consuming and there are a lot of fair housing rules and regulations you have to keep up with to make sure you don't break the law.4plexes are fine and can get you a conventional 30 years mortgage but economically they behave more like residential than multifamily/commercial properties.

Also keep in mind, being licensed opens you up to much more scrutiny with the real estate regulators in your state.

Odds are they have something there and that you can read about the rules and regulations.

The property complies with the local regulations (self closing gates with locks leading to the backyard, 6ft walls, self closing patio doors to the backyard, etc.

But that's not a prescriptive regulation.  

Patti's timelines are correct but they're not prescriptive regulations. 

However, something to keep in mind is STR regulations, and what those will cost your business.

You will no longer be bound by the rules and regulations of a traditional IRA custodian, nor will you have to waste time waiting for a custodian's approval to make an investment transaction - since you have checkbook control you write the checks.