HOWEVER, with all rules to conventional loans the bank can actually be MORE strict than the guidelines.  

I know there are residency requirements for many conventional mortgages but are those strictly FHA loans or something like them?

That said, I do recommend knowing about tenant and landlord rules and regulations in your County.

“Unfortunately, Governor’s Scott veto of HB 653, which would have permanently extended the Act, and the Florida legislature’s imposition of strict conflict of interest laws will make it more difficult for distressed condominiums find the same relief moving forward”.

@Guifre Mora and from your experience how is the interest paid out for the most part.. of it something that can be agreed upon or that’s strictly up front?

You need to start advertising the property and lining up potential tenants.Learn lessons from this and make sure to update your rules and regulations, your processes, ... etc going forward, so you can de-risk these types of situations earlier and better in the future.

HOA.....This is their job... why you pay dues/fees.... so the property is maintained and rules/regulations are enforced and if they dont, then legal action on your pat is needed. 

These loans aren't regulated like a conventional, FHA, and even non qm loans.

If it's a 1-4 unit and your goal is strictly cashflow for those 5-10 years, an IO ARM could make sense. 

There are a lot of regulations and requirements for it.