The city just passed a very confusing zoning regulation restricting student housing to a specific area, and we're all trying to figure out what the fallout will be.

Realtors often claim they're restricted to Realtor use, but that is incorrect. 

Also, make sure there aren't additional restrictions on the property condition, compared to a conventional loan. 

I called the HOA before I first bought the property to inquire about their rental restrictions.

There may be some restrictions on rentals in some of the MH parks, buying the MH's outright might be better than financing because there are some lending restrictions on older MH's. 

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

All these statutes supercede any written contract between landlord and tenant.Now, if they stop paying, then you do not have the restrictions above. 

Plus, Tennessee is a landlord-friendly state, which makes it easier to manage properties compared to more restrictive areas.There’s also a growing community of out-of-state investors looking at Memphis because it offers a great balance of affordability and return on investment.

Beyond that year, there are no commitments and no restrictions to what you do with the home.

In Canada, for example, the average mortgage term is 5-years, so every 5-years you renew your mortgage and have the opportunity to pay down as much as you would like (if you wanted to pay more than the payment restrictions of a fixed-rate mortgage).If you want to pay down your mortgage more quickly and cannot afford to increase your payment, simply switching from the default monthly mortgage payment to accelerated bi-weekly payments will reduce your amortization by ~12% (the extra payment per year from the accelerated part) and reduce the overall interest paid by slightly more (~14%).Naturally, if you increase the bi-weekly payment, you will pay down the mortgage more quickly.