This could be dependent on your location's laws and regulations.

You may want to look into your local laws and regulations on tenant-landlord laws.

Raising capital is a different discussion and depending on how you plan to raise the money will require the proper structure to comply with State and Federal SEC regulations.  

I'm wondering who regulates auctioneers?

Do you think it's the responsibility of experienced investors to help regulate the influx of newbies in the industry?

Many sponsors work in the 506(b) space which means they need potential investors to reach out to them so the contact can be well documented in case there are any future questions from regulators.

I don’t know the minimum sqft for a 2 family and cities restriction and regulations.

The property on Willow Landing is a strong rental area because of its proximity to the lake, and it does fall under the Big Bear Lake regulations. 

I'm in title, title insurance is regulated and can't really be altered in Texas. 

I will also suggest you read the HOA rules and Regulation and be aware of any special assessment if it exist because that can be a deal killerYour Realtor can guide you through this if you have one.Goodluck man.