Income Regulated Purchase

[Jacob Wint]

Hey all,

I was presented with an opportunity to purchase a property that has an income restriction on it. Due to Covid I have made under that amount for 2020 and 2021. I do however own two other homes, one I split with a cash purchase (hard money) and the other I have a mortgage on. Would this effect my ability to purchase the home as a residence? Could I make it my residence but rent it out? How could I go about this? Anyone have experience on a 1031 on a property that may have income restriction. I know the property will hold the income restrictions when I go to sell at a later date but the community is all 800k-1.2 Million properties so it is desirable  so I am not so much worried about that aspect of it.

thank you