The 1% rule does not consider the condition of the property and is very limited. 

They bring higher tenant turnover, limited cash flow, and attract traditional tenants who aren’t your ideal long-term buyers.

I personally think #2 limits your audience.

If you finance conventionally you don't have that limitation, but you can set your own goal. 

And, they limit the type of people. 

The properties are limited to certain areas of the cities.  

That is something that is growing due to the limitations of STR.MTR is something that will help you but you will have to be a bit flexible in the times that you are planning to come in.Management is cheaper than STR, but you have to consider other factors such as close to places where those MTR are in need.

We would greatly appreciate your guidance regarding any requirements, limitations, or recommended procedures in this context.

I know there’s a limit of 4 unless you get a kennel license, so I’m also searching to find a place in which I can apply to obtain one.

.- Your maintenance and repairs will be mostly limited to the interior of the property as the condo management will maintain the building- You won't have to worry about tenants maintaining the grounds around the buildingCons:- Condo fees may change drastically over time and it's largely not in your control- Condo bylaws can be tough to work around.