I sent you a private message.I don't restrict certain breeds, but you may want to consider it.

Borrowers are not allowed to complete any of the work themselves as sweat equity.Loan to Value Calculations:The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.Purchase: For a purchase money transaction, the LTV is determined by dividing the loan amount by the lesser of the “as completed” appraised value of the property or the sum of the purchase price of the property and the total rehabilitation costs.Refinance Transactions: For a refinance transaction, the LTV is determined by dividing the original loan amount by the “as completed” appraised value of the property.Eligible Renovation:There are no required improvements or restrictions on the types of repairs allowed.

Zoning and Environmental restrictions can greatly effect the value of a property. 

Having said that, the federal government put a restriction on buying houses if you don't live here. 

As others have said, you need to check the regs in the area you are looking to make sure STRs aren't severely restricted.

@Rosa-Maria VictoriaDon’t foreigners have to use a bank trust in a restricted zone?

As you know, we generally don't have such restrictions in Canada so I personally tend to look first at the environmental issues my own backyard before.

The downside is that my profits are severely restricted compared to outside syndications. 

This isn’t 1979 where you’re restricted to properties “within a2 hour driving distance”.  

Hey @Renee CossGreat that you caught the STR restriction before starting construction!