Your locality will state which rules specifically you have to follow, but if someone applies but does not fit your criteria (So long as your criteria doesn't discriminate against protected groups), then you do not have to rent to them.

The city has some real specific rules about operating them and they’re not really investor friendly.

Either way try and follow the 1% rules, which means these days you'll have to find value.

There are a lot of "rules" that sometimes change every year, so your CPA/tax guy needs to be current in his/her knowledge about this area.Lastly, I don't think you'll need a business license, but you should check with your local city and county offices on their rules.

(Assuming it's not against forum rule.)  

for example lead paint inspections/disclosures...).I would also recommend networking with others who have also recently bought their first or second rental property, getting together with such folks for coffee to mutually support each other.

Does you city/subdivision have any rules for nuisance trees?

Did you bring comps to support or just cross your fingers?

If TSPs are anything like 401ks, it will depend on the rules of your particular plan. 

Account ClosedSeconding the concept of "just don't go there".IRS rules are strict about avoiding any direct or indirect transactions of provision of benefit between and IRA and a disqualified party, in either direction.You and any LLC you own are disqualified to your IRA.The IRA may not lend to you or any entity owned by you or a disqualified party.The penalties for engaging an a prohibited transaction are severe, and not worth messing with.