If you'd like a reference that's easy to find go to the small entity compliance guide and look at page 19 where is says "what loans does the rule cover" (§ 1026.36(b))It states, and this is copied from the CFPB guide:Almost all closed-end consumer credit transactions secured by a dwelling (including any realproperty attached to the dwelling) are subject to the provisions on compensation, qualification,identification, and the establishment and maintenance of written policies and procedures forcompliance.This includes loans made to consumers that are secured by residential structures that containone to four units, including condominiums and cooperatives.

@Sherief Elbassuoni I can understand your comment relevant to apartments but condominiums (ownership of unit) are different.

Utilities can be added for a larger monthly rent. 2) My condo complex Kona Seascape Condominiums was built not too long ago in 2007, and has an HOA with the lowest fees in town at $344/month.

I’m only asking because here in Broward County you can find a condominium reasonably priced that you can get into for your first property.

It's a 2 bed, 1 bath unit in a relatively small condominium. 

I contacted the FHA and looks like rental caps for loan approval only applies to condominiums.

This condominium has 200 to 250 apartments for rent.

Sign ups are slow.Plan B is condominium-izing the outbuildings (like the owners cottage) and selling that off for cash.

As a new investor who also doesn't know much about condominiums, I'm looking for some advice on this deal.

We’ve already built rapport, got him to agree on our price and to sell to us among other supposed offers but he’s hesitant on signing the contract because he wants to have place to go to - preferably buy a small condominium - once he sells.