Lots of restrictions and tight underwriting on these.

- If so, what restrictions do they have?

What are the pros and cons of each, and which offers the least restrictions, flexibility and cost savings for my intended purposes?

I'm assuming if its a full build out it ran in the area of $600K +/- depending on size....odd to think it got built out without a lease or other commitment from someone.Ultimately in my world (retail medicine) it comes down to the physical location and attributes as it relates to the surrounding demographics and populations. 

I don't think the HOA can restrict what a tenant does within their own unit (the lease can), they can prevent activities in common areas.

The 7 cameras seems odd, but perhaps they are paranoid.

You Can Only Have 35 Non-Accredited InvestorsRule 506(b) allows an unlimited number of accredited investors but restricts you to only 35 non-accredited investors.However, there’s a catch:Non-accredited investors must be financially sophisticated.They must have enough experience to evaluate the investment risks.From the SEC:“Securities may not be sold to more than 35 non-accredited investors… [who] must meet the legal standard of having sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of the prospective investment.”If you’re planning to include non-accredited investors, make sure they qualify—or you could be violating SEC rules.3.

For example, we need proof of renters insurance and proof they put electricity in their name.So, it seems odd that you are accepted but they keep wanting more information. 

Or if there are any restrictions in the area for AirBNBs?

There are no laws restricting mark-to-market rents.