The interest rate and cost is higher than conventional loans but the requirements are less and the closing process is faster. 

I’ve heard from some lenders that I need more equity, others said there was a “cooling period” required after purchase to be able to use additional gained equity in land (from rezoning), and others needed prior experience.

“If an individual is part of a high-deductible health care plan, making a contribution into their health savings account would also reduce taxable income.”Donation to a Qualified Charitable OrganizationCharitably inclined individuals might consider donating cash or appreciated property to a qualified charitable organization, potentially providing a tax deduction to help offset that tax year’s taxable income.

@John Faulk Jr The ability to answer the questions I first presented points to an individuals readiness to execute on the investment opportunity.

When I self-managed C Class properties, I would put the requirements for tenancy in the rental listing (3x rent in income, 1-month security deposit, criminal check, etc.), and then when the potential tenants called in, I would speak to them for a few minutes, explain the requirements, get some sort of verbal confirmation on some or all of the requirements, and then invite them to different showing times I had set up.

If it's HOA/Condo vehicle requirements you're worried about, it's usually already in a standard lease that they follow those; otherwise, they'd probably expect tenant to comply with city codes unless there's a viable reason an owner wants something more strict. 

@Sippy Hira You should be seeking representation from an attorney that speciailizes in Trusts  & Estates if your situation requires a Living Trust.

So the lease will be higher than the advertised rent, they will be responsible for minor repairs, they are responsible for obtaining the proper licenses and pay all the taxes for their business operation (If you don't do this, you will regret it one day you see a tax bill that you as the property owner who are responsible for), and they required to have a STR insurance policy. 

Of course, it requires financial resources, but it is an investment that will pay off in the long run.

This is due to the fact that many lenders provide various loan programs with various periods, interest rates, and minimum down payment requirements.