I do not want to police the house; the nonprofit will make monthly/quarterly visits to insure their specific rules are being followed. 

Rules/policies are subject to change and selling units in some buildings can be challenging.Condos, on the other hand, typically have more lenient rules/policies oftentimes allowing for unit owners to rent their apartments immediately and indefinitely.The rule flexibility, however, comes with a price.

Right now this sounds like most of the HOA's that we all hate that issue random fines for no real reason, and then attempt to justify it with their bass ackwards logic that they are actually somehow doing us all a favor.I'm not a lawyer, but I would imagine you could also open yourself up to legal action. 

Quote from @Chris Seveney: Quote from @Jay Hinrichs: few things if these are sold to homeowners were the dodd frank rules rigidly followed when you did these.if they are sold to investors then DF doe not come into play.while credit and such matters keep in mind note buyers will want a 12 to 20% or more annual return..

@Raj VardhanI agree with @Evan Polaski regarding the 6-Month Seasoning Rule: Most traditional lenders require a 6-month holding period before you can do a cash-out refinance.

There are some special rules with passive activity.

Asking in the correct forum will get a better response.Read the RULES!

HI Jewell,If you were to use FHA again, this could trigger the FHA 100 mile rule + 1.75% upfront fee, however with a few exemptions Indeed FHA allows you to put 3.5% down payment to invest in 1-4 units.

Yes, because Private Money infers that you are in a negotiable deal where your project can be outside the box and you can negotiate unique terms with a private individual - that - or a big box lender with strict rules and guidelines. 

For STRs, material participation rules apply, and STR income is treated as non-passive, allowing losses to offset active income.This post does not create a CPA-Client relationship.