All asset managers for REO's are limited by similar guidelines.

Need I mention gambling is legal in Ohio.

Condos must pass rigid guidelines regarding rentals / dues etc... that can be very very difficult.

You can call the town building and planning and zoning departments and request copies of the permits to confirm that the work is completed in accordance with the town or city’s regulations and guidelines. 3.Lien Waivers Need to Be Signed At Closing Any contractor that performed work on the property within the past ninety days will need to sign a lien waiver at or before the closing.

https://guide.freddiemac.com/app/guide/section/4201.15Here is the guide to the Freddie Mac second home loan guidelines.

The main headache with them is following there guidelines on the deals they will and wont assist you with. for flips you have to get the property at 65% of the arv value- any repair costs, which can be tough to find.

Does your policy still meet the underwriting guidelines with the new use. 

Do I gamble my last dime on a single-family cash cow, or do I roll the dice on a flip and hope Lady Luck is on my side?

There is a map available online that shows you where you can and can't put an STR - it's based on the location of existing STRs and on individual community HOA guidelines.

Be sure your company follows guidelines so you don't run into any trouble.