The requirements for those two (which is where most loans end up) are very stringent and it sounds like you may not qualify.I'm also interested in some details about the deal - I haven't heard of any turnkey companies in Louisville and would be curious to see a local example.

FHA has their rules and lenders have ones that are more stringent. 

That’s correct and additionally, any SFR zoned lot can now have an ADU AND a junior ADU on it essentially turning every single family lot into a potential of 3 units (keeping in mind that if you do implement the Jr ADU, you MUST owner occupy the property), plus the city has to approve the plans inside of 60 days upon receipt of submitted plans.I’m actually speaking on a panel tonight about this in El Segundo. you can get info from bigger pockets post here: https://www.biggerpockets.com/...

Third, pick a location based on data points that helps you best implement your strategy. 

Among other provisions, this ordinance would implement a $525 registration and $325 renewal fee, the highest in the state of Florida.

If you proceed, you’d be better off finding, screening and selecting your own tenants.Do you have any idea if this property will meet the fairly stringent property condition requirements and will the property meet the fha “self sufficiency” tests? 

On an older property, you may not be required to do ANY of these things, so you could pick and choose which ones you want to implement.

@MarieChele PorterI would rent to the tenant with some extra stringent requirements.1.

Any tips on implementing this?

Insurance - ValuePenguinRent control - Some states and metro areas have implemented various kinds of rent control.