The main issues I have relate to height and area, proper fire seperation, sprinklers, and egress. This is not an exhaustive list, this is just what I came up with off the top of my head.
Egress directly from each unit to grade would be important, you don't want to be sharing a hallway in the middle to get out because there is no corridor protection requirements in the IRC.
The IRC does not contain specific provisions for fire walls as we know them in the commercial world.
You have more people living in a single building. Given that the top 3 causes of fire are men, women, and children, you increase the likelihood of a fire event in general.
In the IBC, you can build an R2 like Rick said a maximum of 2 stories and 7,000 square feet total out of wood before you would need sprinklers. The IRC allows three stories, has no square footage maximum, and several states have laws that prohibit the requiring of sprinklers in IRC buildings, so theoretically you could build a giant 4 plex or 6 plex on each lot of a block, 5' from the lot lines so that they are only 10' apart. If one catches on fire, you could lose the whole block.
The IRC actually allows the buildings to touch each other if they are separated by a 1 hour wall.
What kind of fire separation between units would you have? The IRC has no guidance that would apply there, would you use the requirements for duplex separation, or townhouse separation?
IRC does not limit materials in plenums except for NM cable and foam plastic, whereas the I-codes for commercial construction have many materials not allowed in plenums because the burn with toxic smoke that is then distributed throughout the house by the mechanical system.
Fire alarms (not smoke alarms) - not required in the IRC, definitely required in the IBC for R2 per 907.2.9