From my understanding the Government helps fund local and state governments for distressed properties in the area.

@Tyler Munroe are there Airbnb regulations or restrictions in Revere?

I would first figure out why the current owner wants to sell, why is he/she jumping ship (too much maintenance, upcoming STR regulations, poor returns, etc.). 

Remember conventional all go through the same underwriting and end up on the same balance sheet (one of the governments secured entities) no mat who the originator is.

You may also talk with other operators in the area and get their thoughts.And as mentioned above, zoning regulations will dictate what you can and cannot do with the property.

We are due for elections.The management company is suggesting in lieu of the new law, we need to update our governing documents (i.e. bylaws).

The Cook County Human Rights Ordinance: This ordinance prohibits people in Cook County (including employers, landlords, property managers, real estate agents, store and restaurant owners, bankers, lenders and Cook County government officials and employees) from unlawfully discriminating against or harassing other people on the basis of that person's race, color, sex, age, religion, disability, national origin, ancestry, sexual orientation, marital status, parental status, military discharge status, source of income (including use of a housing choice voucher), housing status, or gender identity.

Each area has it's own set of rules and regulations as well as dealing with local HOA fees in each neighborhood. 

Best, GaryEvery state is different and Commercial property is different and most laws regulating residential do not apply to commercial.

I know taxes and regulations and land lease can be rough there as opposed to Big Bear which is pretty straight forward and fairly easy to print money.