School, sports, clubs, college, and internships filled your calendar and you began to operate efficiently as a well oiled machine, if you were a car you might be a Toyota or a Honda, smoothly operating with reliability day in and day out. 

You should talk with an accountant and a lawyer (I am not one), but for tax purposes if you take any distributions I believe they count as income anyway.

Believe it or not, this was the issue that made me the most angry. 

I don't know the answer specifically but I believe that Chad offered a solution that might help you whether the bank can or can't. 

Duluth is a little more of a pain, I believe there is a fee for converting a property to a rental (if it wasn't already), rental license fees, and if you don't have enough off street parking you pay more fees. 

Tom Gimer can verify.....I believe one of the conditions for title insurance to buyer is that property taxes have been paid/credited at sale and believe property taxes are an exception not covered.

I believe we ran into each at the July meet-up.

I also believe in having a Accountant for your personal expenses but that is a different topic as well good sir. 

I believe this "subject to" is the way I will go as long as I have a good legal contract to protect the seller and myself.

In theory, I believe you should be able to rent out STR in any complex in California, regarding of HOA rules, so long as it is permitted with the City.Your best bet is to seek legal counsel and run the Oxnard case by them to seek their opinion.