@Latrisa Here's a link to the map where STRs are not allowed in Galveston: https://www.galvestonparkboard.org/DocumentCenter/View/1785/...However, I also maintain a list of neighborhoods that "allow" STR but add stipulations such as the requirement for rentals to be weekly (not less than 7 days) or that a maximum number of guests (12 for ex) are allowed at one property regardless of bedroom size.

I don't think the bank wants to hear anything about "options" so just remove that line.And, as for the per-diem penalty for not closing on time, that will be a standard part of the addendum, so you don't need to include that either.In fact, in general, FNMA doesn't like to see any buyer written stipulations, and will probably make you remove them (other than your disclosure that you're the principal in the transaction).

While in the bathroom I'll flush the toilet and have the next tenant initial next to my "toy soldier" clause in my lease which stipulates that the tenant acknowledges the toilet is fully functioning and if they put something down it, which plugs it up (ie. feminine products, kids toys or whatever) that is on them, but if the toilet is broken, please call me and I'll hire a plumber to fix. 

I believe the focus moving forward due to stipulations in the cares act is to double down and focus more or so on the quality of the renter before you lease being that the eviction process is a bit tricky at the moment.

The lender couldn't close the deal based on some stipulation they had in their Fannie Mae portal.

Are there any stipulations as to how long you have to hold it?

You only pay when you sell the home (with stipulations about appreciation or depreciation).   

Your contract should stipulate who pays what and with almost everything in the contract, should be negotiable.One person may offer to pay all of the closing costs and offer a price under list price.

Would this not indicate that it can be done, since the law stipulates what is to happen if this happens?

I would encourage you to have a similar stipulation in your leases.