So if, for whatever reason, laws change and you can't rent it out on Airbnb, etc, it still cash flows if you need to rent it out to a traditional long-term tenant. 

STRs in Non-Traditional MarketsShort-term rentals in areas near universities or event venues are gaining popularity.

It merely means you will likely have a difficult time refinancing the property to a traditional lending source.

Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

Best thing to do is buy it as a primary or second home and then transition out into a rental. 

I completely agree with @Ashish Acharya's points about the cost-effectiveness of a HELOC and the potential credit implications if it’s secured by your primary residence.

However, we often facechallenges in sourcing suitable properties through traditional MLS listings.

Are there limits to the “look back” for primary home exemption?

That would be best option as a traditional bank wouldn’t do this I read that I can assume the existing mortgage.

Hello BP community,Most of the builders do not offer investors opportunity to buy the lots and they claim they are only for primary residence (i;e they will sell only if you are going to live in it (example Ryan homes, Pulte homes etc..) are there any builders out there who can sell to investors for "buy to rent" in Columbus OH?