@Anthony Zotto I hope you purchased a good deal because it's time to go to work and establish a new order. 

I had found some regulations about VA guidelines and it speaks about recent separations and states that anyone who has recently seperated and doesn't have the needed 2 years job security can still be processed but underwrites will use their best judgement and will have flexibility.

Every property is so different and the various codes and regulations are different as well.

A CPA familiar with local STR regulations can definitely help make sure you’re set up correctly!

We’ve all seen the headlines—short-term rentals are getting regulated to death, and long-term tenants?

Check into your local regulations.

So no Board, nothing to manage except State law...the organization docs for the HOA should have identified when the developer maintained control, the terms for it to be turned over and at turnover you would establish a legislative body which would be the Board...

Quote from @Joy Daniels: As a short-term property manager I've seen how this industry changes so often—new guest trends, tech tools, and regulations seem to pop up all the time.

This establishes the legitimacy of the arrangement and protects against audit risks.

I know that the regulations in Beverly Hills is "friendlier" to landlords than Los Angeles and I'm exploring the option to convert a multifamily apartment into condos.