In act Arizona issues 4 different categories of mortgage broker licenses.That said, there is a carve out or a seller financed property, but as I recall the limit was 2 in any 12 month period.However, as of 2014, when I last checked, the penalties for non compliance were nowhere near as harsh as the penalties under Dodd Frank or the penalties in a state like Texas where making an out of compliance loan on a homestead can result in loss of the collateral securing the note. 

Hey Brian,I'm a realtor in South Florida and I must be transparent and let you know that most people in my field will not spend time vetting property after property with no real commitment or assurance that you'll actually purchase the property.  

@Ray Harrell She pays about $50-$75/month renting a fridge...I had an extra one from a vacant unit that works just fine so I gave her that one and it frees up some cash flow for her to assure rent is paid on time.I see it as a good move, hopefully the maintenance on the fridge is minimal.

Code compliance is key.

Google them, print them out for future reference, and make sure you stay in compliance.

It is up to the lender to ensure the compliance.

At the meetings Denver reports a >60% compliance rating, which is actually much higher than many other U.S. cities that have regulation for STRs. 

My servicer charges me a premium for a note that's in BK because it's a little more complicated for them monitoring the situation - they won't let me monitor the situation because, I suppose, they have compliance issues they have to legally abide by.

The paperwork was literally on a bureaucrats desk at closing and even though another city official gave the title company a written assurance that no code enforcement action was pending, it still went through and the buyer ended up with the lien on their property.In this case it was later settled three ways, by buyer, seller and title company.

Few actually know what impact upgrades will have relying primarily on the assurance that it will be easier to rent or the tenants will be happier.