If you see a RMLO about Dodd Frank you can be compliant, see @Terry Lewis for RMLO 

If your tenants are compliant and prefer to stay in the residence I would definitely start building a professional relationship with them.  

Yeah, if you go through all the steps to make it Dodd Frank compliant, expect about a 30% discount on the note when you sell it.  

The biggest thing right now is making sure the homes are compliant with local short-term rental regulations.

I have read the statute and added the verbage from the CO Board of Realtors Foreclosure contract to my purchase agreement to be compliant with offering to purchase a home in pre foreclosure (Notice of Default has been sent) The contract mentions a warning to sellers which is in the Foreclosure contract near the end and the form "Notice of Cancellation" The only form I could find is a Notice of Termination. 

The terms of your loan will detail how long you must live there to remain compliant.

More often then not, we can find a way to help you to accomplish your goals in a compliant manner. 

And the zoning folks said that complaint landlords did call and report non-compliant landlords.

The contractor commented that while the elevators and sprinklers are grandfathered in, if I had to extend them in any way the grandfathering would be lost and I would have to replace them all with new code-compliant systems.If you got a new tenant that was perfect but required additional fire suppression, would you want to replace the whole system for them or would you let the space go vacant?

But really what you should ask about is what the highest lender credit you could get, regardless of rate or fixed v ARM, that will be compliant as a QM prime loan.Let's say you can take some atrocious interest rate, like 5% or something, but get a $7k credit towards closing costs.