I have seen it done plenty of times and it’s in the va loan regulation up to 4 units.

I want things to be transparent and I'm nervous about international rules and regulations etc.

In my experience of 2016, here is what happened:Month 1 and 2-  A lot of uncertainty due to local regulation, FEMA, flood insurance. 

You raise interesting questions re IRS regulations of non-profit corporations such as my condo association, as well as Fair Housing laws. 

What laws / regulations are there to protect me from this?

First thing you need to do is locate a copy of your state landlord tenant regulations.

The difficult part is usually with the City, but State regulations can be tough to navigate too. 

I’d like to not violate any regulations though.

Check with your local codes, as a landlord you should always keep a copy of your state/local landlord tenant regulations with you and available at all times. 

Traditional, flipping a home in Historic Preservation Zones (HPZ), can come with great difficulty as these neighborhoods come with an extra set up rules and regulations to ensure that the “historical aspects” are well persevered.