If so, and you're only going to be purchasing one property at a time, that restriction is really going to hurt your speed of growth.

South Lake just passed a bill that heavily restricts short term rentals, very limited new permits and most existing are getting shut out in 2021(if the bill doesn't get overturned).I met a guy playing poker the other night that told me that he owns 10 short term rentals spread out around the country, works a full time job and self manages.

Do you know if there any way to get a 30 year payoff on something like that, or would I be restricted to the 5-7yr commercial loan requirements? 

The Springs just put regulations with licensing in place and there are some on the city council who would love to restrict or eliminate STR's. 

@Hae Sun Yi When looking at a condo for a rental investment, it's important to look at the health of the association, any rental restrictions, and association dues.

There is not particular location that I've been restricted to, so all markets in the US are open for me to jump into.

I have serious doubts if its been converted into a multifamily...I recently saw 150-yr. old tavern that was attached to the largest grist mill in the country get denied registration...Anyway, location is key...if you are in city limits, or have neighborhood (or deed) restrictions you may be facing a challenge...I know a guy that renovated 20-properties and discovered that the siding had to be replicated to the original...he had to pay a machine shop to create a cutter head so he could mill the siding to the original spec for any repairs.

If it isn't restrictive, then consider changing what you say when you call. 

There are many other restrictions as well.If you are working with a real estate agent, then s/he should be able to guide you in the right direction at the least.

The hard part is making sure you navigate all of the asset restrictions and compliance rules to certify that your fund actually does qualify.