I went to Hampton University and definitely may end up back in the area if I get stationed in Norfolk again.

Like Oregon they are not legal.check with you title and escrow company they will tell you if they do any.. if they do none its probably not done there if they say yes we do them all the time.. then your probably OKyour lawyer will put language in that allows the co bene's to foreclose very common.. but you do want to have that in writing up front..  

@Ada Tor the language in CCRs that specifically bans short term rentals usually reads something like this "No unit shall be rented for a term of less than 30 days". 

Going over the term sheet, I saw language in a footnote that said I don't have to pay a deposit if I use Sharestates title company.

We would also be  interested in example of contract language if anyone has that to share.  

@Mike SpringerWe use a company called Universal Credit, but they do require approval (and I believe a yearly inspection).The note seller may also be able to provide a credit report.

There are current tenants and leases until next spring and our rental market is strong due to the local university.

You should also consider language as to what happens with taxes, insurance, escrow funds, etc...

I am attending the University of Washington and just moved in this week.

Hey guys,I've gotten a proposed good deal on a fourplex / quad in the NW areas near Oakwood University off along Sparkman Dr NW, I believe it's on Cotton Row NW..