The business model to develop Community Association Manager (CAM) licensing legislation (and other HOA legislation): 1) legislators consult with the Community Association Institute (CAI)) to craft a Bill aimed at mitigating abusive practices of property managers who are the very folks the CAI represents 2) CAI lobbyist and their CAI “dependable” legislators become Bill sponsors 3) the Bill is assigned to Committees with CAI “dependable” legislators 4) the Bill becomes law with little to no home owner input, full of promoting CAI interests, and heavy on fees and costs and processes imposed on CAMs and 5) the Department of Regulatory Agencies (DORA) implements licensing rules highly reflective of CAI efforts but fail to even contain explicit language for CAMs to obey State law or an HOAs governing laws or for CAMs to report observed violation of the law thus ensuring oversight is empty from the home owner’s perspective.

You could discuss it with us, or any qualified regulatory law firm, but the answer would be the same.There are no exemptions for having an operating compliance management system, but there are differences in the issues that system must address based on what a retailer, community owner, or seller financier is doing and how they are doing it.* The Final Rule on the SAFE Act issued by HUD was done without authority, but accepted because the agency possessing the authority - the CFPB was new and they agreed to share their authority on the SAFE Act temporarily with HUD (the previous authority) subject to revision of those rules at any time the CFPB desires to do so.

They’re also subject to strict regulatory oversight at a State or Federal level.

If you do plan to accept either in instalments there may be tax and regulatory considerations (another Bill question).when the tenant does exercise the purchase option and you will be holding the initial mortgage, use a third-party servicer (this is likely a legal requirement).  

Much of the information universal, but some of it has a distinct U.S.A. bias, particularly when it comes to finance, regulatory and taxation ... things are different here in Canada.  

Regulatory crackdown made them all but extinct, but it's certainly not a terrible idea for people who are in the same situation. 

What is the regulatory environment?

BTW, you can finance a home to an owner occupant without following mortgage requirements, so long as you don't have a collateral  interest in the property financed, meaning you can't foreclose or terminate the occupancy.Federal agencies often look to other agency determinations such as tax treatment to determine an installment contract, then they apply their regulatory authority to the case at hand as an installment contract.

Thus the issue of insider trading becomes something that may have to be regulated just like in the public markets. ...and that's exactly my point: the lack of professional due diligence and regulatory burden in real estate are what create the opportunity.

And I would not leave any chickens for tenants and probably would not let a tenant have chickens unless they had a very strong background in urban chickens  and the space and regulatory requirements were met.