The rent control in UC is about as strict as you'll find too, so a potential buyer could have a lot of trouble raising rents, which I imagine is something you've seen yourself.  

I'm an architect in RI and MA, so take my advice with a grain of salt & then research your area.Zoning is LOCAL law that applies to property, it regulates the USE of the property (IE: single family, multi-family, commercial, etc) and the DIMENSIONS of the property (IE: how big does the property need to be for a particular use)Every scenario and property are different, but here's a couple of examples:An owner calls me.

Regulations - to what degree does this area allow/not allow vacation rentals?

In reference to @Peter Walther post about foreclosure, the following is copy & pasted directly from the State Bar of Wisconsin Form 11-2003 Land Contract:"Purchaser agrees that in the event of a default in the payment of principal or interest which continues for a period ofdays following the due date or a default in performance of any other obligation of Purchaser which continuesfor a period of days following written notice thereof by Vendor (delivered personally or mailed by certifiedmail), the entire outstanding balance under this contract shall become immediately due and payable at Vendor's optionand without notice (which Purchaser hereby waives), and Vendor may singly, alternatively or in combination: (i)terminate this Contract and either recover the Property through strict foreclosure or have the Property sold by foreclosuresale; in either event, with a period of redemption, in the court's discretion, to be conditioned on full payment of the entireoutstanding balance, with interest thereon from the date of default and other amounts due hereunder (failing which allamounts previously paid by Purchaser shall be forfeited as liquidated damages for failure to fulfill this Contract and asrental for the Property); (ii) sue for specific performance of this Contract; (iii) sue for the unpaid purchase price or anyportion thereof; (iv) declare this Contract at an end and remove this Contract as a cloud on title in a quiet-title action if theequitable interest of Purchaser is insignificant; (v) have Purchaser ejected from possession of the Property and have areceiver appointed to collect any rents, issues or profits; or (vi) pursue any other remedy available in law or equity.

Some states may have regulations on it, so check with your particular lender. 

Hi Jody,Typically if there are no localized (county or city) governing rules for a situation, the state regulation applies.

I got one of those loans year ago when regulations are lot looser and there're called "liar loans".

I am in the process of selling a small parcel of land with owner financing and have been reading up about the Dodd-Frank regulations that were put into place a few years back.

SBA 7A loans are not new and have strict covenants.

Then see if your neighbor is open to selling strictly to you.