I'm working on financing through some government funding sources because I can't imagine a bank would be interested.

The literal definition of "net earnings from self-employment" in the IRC which is the actual law that governs tax filings is " The gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this subtitle which are attributable to his trade or business". 

Then, there is no Bank or Boss or Government telling you how you can live your life.

Read this the other day regarding Donald Trumps recent executive order on examining the affects of regulatory barriers at the Federal, State, local levels on the availability and development of affordable housing. https://www.whitehouse.gov/presidential-actions/executive-order-establishing-white-house-council-eliminating-regulatory-barriers-affordable-housing/The order states that the council endeavors to encourage State, local, and tribal governments to reduce regulatory barriers to the development of affordable housing.Which in turn, aims to increase the supply of affordable housing.I asked myself what effect will the have on the REI space and my first thought was that the increase in supply will cause rent and values to slow down or possibly even stagnate all together. 

so in addition to inspections, the government also sends you tax documents and stuff?

It's governed by FSCO in the province and you want to work with someone experienced with the rules. 

Housing has always been government regulated.

However, if the condo is governed by a homeowners association (HOA) they can set reasonable restrictions.

St Louis is a depressed market with a local government that is unwilling to invest in their infrastructure and redevelopment.

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