You will have purchased the home under conventional guide lines and then have "No restrictions" on going FHA to buy the next home.

Any deed restrictions or other reason why it can't be expanded.Since this is on the mls if this really was a good deal, any of the really good reno/flippers would have snatched it up before it went on the market, and not that its on the market reno/flippers would be all over this. 

The biggest difference between a townhome that has an HOA vs. any other props without an HOA are the bylaws & restrictive covenants.Some HOA's have investor caps & rental rules for short-term, etc. 

There is also that provision of what if I think its like if all or but just one of the units is empty (I forget the exact nature or term, but it can be restrictive).Its this a purchase or refi?

Put in the effort, build relationships, prove your value, and improve your odds of finding someone to help launch you on your path.

Amit,Not a list, but a key first item: wherever you intend to buy: check with the state, county and local municipality regarding any rules, restrictions or ordinances regarding STRs. 

Too many restrictions, most don't make money.

Also want to confirm that they are a direct lender  If the poster is trying to get a loan is in the DSCR arena, licensing is not a requirement (and could be a detriment) and being a direct lender would restrict them to just the loan products their company has access to. 

There is always the Heloc path but those can gett you into trouble and have restrictions like shoter amortization, Prepayment penalties, interest only, (Can create bad habits of low payments) which causes a standstill balance. 

good luck with your search although I do think BP is an odd place to look for framers :)