I assume you're familiar with the Somerville regulations / ordinance around condo conversions. 

Security deposits and escrows are highly regulated by the real estate commission.  

https://www.njconsumeraffairs.gov/regulations/Chap...Look at page 15.I think Jared is likely correct -- this is probably more about getting something to base scope upon, not a licensed architect legal necessity.   

Have you had any issues/limitations with HOA rules regulating the amount of rentals in the complex? 

I’d think that HOA’s rule over broad regulations.

These private investments are not regulated in a manner to protect the common person. 

A lot of money goes out the back door especially in a tax and regulation heavy state like IL. 

Regulations are relatively investor friendly.Ensure that you can build a good team in your selected market.

It is all about the building department and their regulations.  

Those areas are going to be invested in heavily once the regulations on opportunity zones come out, so I would get a head start in those areas for buy and holds.