I really would want to stay away from any office properties in depressed or even semi-depressed neighborhoods, especially large ones (like a 13 unit complex).

I wish I could find a STR rental without an HOA, but I'm looking primarily at 2nd or 3rd row from the ocean condo complexes and they all have HOA's.

Your situation is a little more complex than most people and I highly suggest you consult an attorney. 

The interworkings of Appfolio are pretty interesting with how complex it is and all the things you can accomplish. 

The town is encouraging home ownership, so buying a condo/single, living in it for a year plus and then renting out works fine here (what I did), whilst house hacking a multi is more complex.

We also own an accounting/payroll firm and have a lot of MHPs, residential communities and apartment complexes as clients and have seen this happen a few times. 

. - Are most of your loans short-term/interest-only, or are they more complex (e.g., longer-term, amortized, require escrow, commonly modified b/c of prepayments, etc.)? 

Final comment, it seems complex.  

In my experience that either means there is something prohibitive in the zoning, or there simply is not much demand for that sort of product if most people either go with an apartment in a large complex or rent a SFR.

For the first time in years I’ve noticed many of the larger apartment complexes even offering the first month free to fill vacant units, so it’s clear that demand is down.