Loans are non-recourse. 

Depreciation is a deduction against passive income (Sch E), and it is never "written off against ordinary gains" (which is not a correct expression either way).Here is the IRS Publication 527 link.Dealing with HOA is not my area of expertise, but I suggest to approach them nicely.

Check out AirDNA, I love the site as you can get market reports on public data scraped from Airbnb's site.

I wonder if someone, who has had hands-on experience with arranging an owner-occupant loan for non-resident can help out my clients. 

I've been asked this so much that we're now working with a group of investors to help others invest and to possibly build some new RV Parks.Btw - as an investor, I focus more on the non-pretty Parks that are more like Mobile Home Parks but also now interested in the resort/pretty parks.A few things to keep in mind:Permitting will be the biggest challengeUtilities - is there water available, wastewater options? 

@Joshua Lafferty If you will co-sign as non-occupied co- borrower and you are not family member you are at 75%ltv even though this is FHA loan.

Hey @Joseph WrightI don't have any direct experience with pre-existing MF now zoned as single family, but I am aware of situations where the sale has caused trouble with the grandfathered in non-conforming use.

If you can not wait till tenants move out on their own, allowing you to do electrical during vacancy, I would non renew one tenant at a time to complete the necessary work.

Wait until they show up with contract in hand, otherwise take the free publicity of the property.Just my 2 cents and not legal advice.

I have a background in banking, development, technology, and public speaking.