I find it odd they would have such restriction on IRA contributions.

FICO requirement is higher and DTI restrictions on place due to COVID-19.

-Excerpt below-Title to real estate (deed)Know all men by these presents that we, (sellers), in the state aforesaid, for and in consideration of the sum of (purchased price), to me in hand paid by (my parents), receipt of which is hereby acknowledged, have granted, bargained, sold and released and by these presents do grant, bargin, sell and release, subject to the easements, restrictions, reservations and conditions (:exceptions") set forth below unto the said (my parents), as joint tenants with rights of survivorship, and not as tenants in common, subject to the below stated Exceptions, their heirs and assigns forever, the following descrbed real property,

My concern would be as an investor that you pay a higher price (premium) to be in a complex with no rental restrictions but year(s) later, the HOA decide to implement rental restrictions.

If there is extenuating circumstances, we will offer a full refund but not just because of stupid unconstitutional restrictions. 

@Will PayneI agree with @Jeff Copeland condos have many restrictions.  

Yes there are Executive Orders restricting what we can do because of the Scamdemic but there is still a very large pool of tenants out there with good jobs and good intentions on paying rent.

There are all sorts of fun quirks with the Cares act and local restrictions.

Lenders can only make the guidelines more restrictive, which are called "lender overlays." 

There are many things to consider.Your friend will have to watch out for usury and licensing restrictions.