If it meets code but simply wasn't permitted, you can probably rectify it with a few hundred bucks to your local government. 

I I know there are rules and regulations on Air b n b but would love suggestions on how to approach this situation.

I acquired a commercial office property in Tennessee with a 7 year lease commitment from the State of TN government.

@Ryan Keenan a conventional loan (the loans governed by Fannie/Freddie) you will need reserves starting with the 2nd property you own.  

Portfolio loans are governed by each bank's board of directors.  

That said, I do recommend knowing about tenant and landlord rules and regulations in your County.

But it's too late to switch by that point, typically, so they suck it up and have to pay that five figure transfer tax last minute.Box C stuff also aren't things that the lender controls, even though the government calls them "loan costs."

FHA/VA loans are backed by the government up to a certain percentage, so in the event of default the lenders are guaranteed to receive a portion of the principal back. 

You need to start advertising the property and lining up potential tenants.Learn lessons from this and make sure to update your rules and regulations, your processes, ... etc going forward, so you can de-risk these types of situations earlier and better in the future.

HOA.....This is their job... why you pay dues/fees.... so the property is maintained and rules/regulations are enforced and if they dont, then legal action on your pat is needed.