Sunset beach nc rental short/long

[Braeden Warg]

Address: 313 Waterway Dr, Sunset Beach, NC 28468

Looking at possibly seller financing this home in sunset beach nc. Talked to the seller and he mentioned he wouldn’t mind doing a 3 year ballon payment. My question is when the three years are up is there a way for me to “refinance the house into my name based of off the equity instead of having to qualify based on my income and pay the owner off”. Second question is the home in in a poa “he pays no dues and it’s not active was just placed when the house was built in 1990, which means technical short term rentals aren’t allowed. However I’ve seen multiple short term rentals with this poa area. So what issues could I run into and what’s the possibility I run into them. Might try and renovate the garage into a long term rental to set this house up for cash flow.