Sometimes these deals take patience, and due to COVID eviction restrictions you need to be extra careful.

Plus waiting in line at Home Depot daily was a chore. we are under contract for another property on the west side, and I am not looking forward to trying to get this ready with all the current restrictions.  

@Colin WyattYes absolutely be sure that you're HOA doesn't have restrictions for it.

@Jake Fugman aside from the self-sufficiency test, are there any other restrictions that often trip up FHA financing? 

Also, I am not sure if certain neighborhoods would restrict the type of buildings that can be built.

HOAs are tough but there are a few complexes that don’t have rental restrictions.

Some houses up there were built kind of up in the hills and then the protected areas were created with rules that have put some restrictions on what can be done on a property.

@Alfred LittonI think for an investment property there isn't a restriction on how you charge the interest. 

I would be comfortable taking out a loan with less than 20% down payment, although, I thought I remember hearing that there are restrictions on renting out a home with less than 20% equity, but now I can't seem to find the answer from googling.So my question is: Can I eventually rent out a house if I don't yet have 20% equity in it?

Shane, You may see some tighter restrictions in terms of LTV.