Also be mindful of the fact that the bank will probably place a deed restriction on the property which limits what you can do with it within a certain time frame.

Littleton also doesn't have a law against it, but the city council was about to vote on a restrictive primary residence rule earlier this year and then didn't.

They say that they will add up the depreciation and the interest amounts back to the income but this restricts me in fully expensing any capital expenses and forces me the account for them as assets and depreciate. 

The rental restriction does not need to be in the CCR's.

Are there any restrictions on using the contracts that are posted in the forms section of the website? 

The other agent, when I asked the same thing told me that it's only very select few HOAs in the area that are strict with their rental restriction as to what you can or cannot rent.

Some have restrictions on the size (ie must be less than 80% of the main space).

Some lenders have LTAIV (loan-to-as-is-value) restrictions.- What is the total amount of debt/encumbrances on the property?

New York State assembly is attempting to further restrict the rights of landlords in the state.

Short sale contracts are not assignable and often come with 30 - 90 day deed restrictions.