Have you investigated any local rental ordinances?

It really depends on what you need and how you want your financials to read so you can make informative decisions. 

This is not even close to the documents required for a properly drafted loan.

I always hand them to an attorney and ask "what should I be aware of in this agreement"Typical things are: Who are the owners, who has management rights, what rights do we as an LP have, what documentation is listed or what activities should they be doing.

This link is the latest guidance and includes a process you can follow to screen and approve service or support animals: https://www.hud.gov/sites/dfiles/PA/documents/HUDAsstAnimalN...4.

But this has proved false, and when running comps, this is a big deal. 

I would be interested in this information too.

The "customized escrow instructions" simply document the intention of the parties to hide the subordinate financing arrangement. 

@Theodore Arzt Yes this is a old post, but the good thing is, 2 years later I know the answer to this question lol. 

This makes you exposed to the biggest financial pitfall that comes with owning a rental property...vacancy time (the amount of time your property does not have a tenant).Setting your rent a couple hundred above market rate is not a vacancy issue.