I’ve looked at some past forums and I am currently reading up on it, but any cliff notes on loan options I may have would also be appreciated (great credit and good household income outside of rentals).Thanks in advance!

We would borrow money, but my new counseling business is our household income.

Most cities have ordinances about not having more than a certain number of unrelated people living in the same household.

@Wesley Allen in regards to using an FHA loan for a condo, keep in mind that FHA will only lend within anFHA approved condominium project. 

(So much for the open concept in our household)As long as the property is loan inspection and move in ready to pass the lenders approval would you purchase a home which needs all of the cosmetic updates?

I grew in a household with SFR rentals (and a duplex) that self-managed.

Look for markets that have good population growth, increasing median household income and increasing median home value.  

If they don’t get the 67% approval, then it is not enforceable and you don’t need to worry about it.That being said, in my opinion there’s also a strong argument that they require 100% approval of the condominium unit owners.

My lease states the following:Tenant agrees to pay $850.00 as a security deposit to be used by Owner / Manager at the termination of this lease towardreimbursement of the cost of repairing any damage (other than ordinary wear and tear) to the dwelling caused by Tenant,members of the household, or persons on the premises with the consent of Tenant or members of the household, and anyrent or other charges owed by Tenant.

Hello Patrick, I don't know those terms (kiddy condo), but fanniemaes Homeready product allows "Nonborrower household income" or rental income to qualify.