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

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

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

Coupled with HOI restrictions, it'll get even harder.

Shoot me a DM and I'm happy to chat.Chris Also, Portland (in the city) has restricted STR licenses to owner-occupied properties, so that won't work if you're living in Salem.Wow good to know, thanks Chris! 

What are pros and cons or restrictions? 

Given your residency restrictions and budget, focus on smaller multifamily properties in counties like Orange, Putnam, or parts of Rockland, where prices are more manageable.

Reach out to @Alyssa Holbrook as she has a property she is trying to do it on now.Thanks a lot @Jonathan GreeneI was reading the SLC docs and it seems that the restrictions for owner occupancy only applies to single family homes and duplexes are exempt.

Any local land use and zoning restrictions?

My CIty does not have a boarding house regulations or restrictions which is one of the reasons i jumped on this.