That depends on the loan agreement you have with them, some require it, some will not allow it and others it is silent which typically means no restrictions.  

For most of the area they restrict it to 6 months of the year for STR.This is direct from the website:https://www.cityoflakegeneva.c...Each Short-Term Rental shall be managed consistent with the followingrequirements:i.

I know when I looked into it, out of curiosity, there were many restrictions/rules/conditions. 

Communities have very tight short term rental restrictions, making it very difficult to find properties, and then if tomorrow the zoning changes, you might go from positive cashflow to nothing, since the laws on short-term rentals are so volatile and different across the country.5.

Hey Mik, I have a condo as well and have thought about converting it into a MTR or STR but the restrictions by the condo association completely prevent this.

If the HOA decides to ban rentals or restrict lease length, you're out of luck.

Are there building restrictions?  

Avoid anything that makes you look like a difficult seller, such as showing restrictions, or other conditions.The purpose of the remarks is to make people want to view the property.

Homelessness and higher rents follow due to the restricted supply making things worse. 

For a fix-and-flip scenario your max loan amount would be based off your experience and can go as high as a % or purchase although it is more common to get 90% as the loan size is typically restricted by the percentage of the ARV for that program.