Amit,Not a list, but a key first item: wherever you intend to buy: check with the state, county and local municipality regarding any rules, restrictions or ordinances regarding STRs. 

Too many restrictions, most don't make money.

Also want to confirm that they are a direct lender  If the poster is trying to get a loan is in the DSCR arena, licensing is not a requirement (and could be a detriment) and being a direct lender would restrict them to just the loan products their company has access to. 

There is always the Heloc path but those can gett you into trouble and have restrictions like shoter amortization, Prepayment penalties, interest only, (Can create bad habits of low payments) which causes a standstill balance. 

You will have purchased the home under conventional guide lines and then have "No restrictions" on going FHA to buy the next home.

Any deed restrictions or other reason why it can't be expanded.Since this is on the mls if this really was a good deal, any of the really good reno/flippers would have snatched it up before it went on the market, and not that its on the market reno/flippers would be all over this. 

Provide the buyer the county planning contacts, keep a copy of the job card.I believe the issue is that most permitting agencies place a 1 year deed restriction against selling as part of an “owner builder permit”….so as to keep non actual owner occupants from using the owner occupant exemption to do flips and such.

Just make sure there is no restrictions to the extended stay model in your loan documents.

The biggest difference between a townhome that has an HOA vs. any other props without an HOA are the bylaws & restrictive covenants.Some HOA's have investor caps & rental rules for short-term, etc. 

I'm planning on living in it with, but if I convert part a 2nd dining room and entry room into a liveable bedroom + kitchenette, will I be able to rent this out even if the HOA says there's restrictions on renting?