Call the HOA to see if they have reached their maximum rental limit before you buy. 

you can have 10 mortgages with fannie, the restrictions get a bit tighter on 5-10 but if you have strong underwriting should be no problem. many banks will limit how many they give you, but there are no shortage of banks.

I may have a credit card with a $10M limit...but it doesn’t cost me a dime until I use it.I hope this helped.Stephen

My experience is limited but my wife and I are eager to learn.

This includes PAR and NAR fees. you may be able to find a board/broker that does not require PAR/NAR which could save about $300/year but would limit your other benefits.

I'm not sure how you are going to limit them to responsible borrowers only, but if you figure it out then you can probably just limit them from all forms of borrowing.

This is in Indianapolis not rural areas with limited Google Data. 

I am looking into either house hacking/ investing into rental properties as I am a college student with limited funds.

On BP they talk about the BRRRR but isn't that counting towards your 10 limits?

That would be the absolute limit of my compassion.