Hey @Austin Works, here are some articles I wrote on BP based on my experiences. https://www.biggerpockets.com/blogs/10042/Right now the biggest concern is STR regulations and permitting. 

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.