My agent told me there was a change in the HOA that limited loan types and therefore it has to be a cash buyer or at least non Fannie/Freddy/VA.

Contact Asheville Development Services— If "no": You can ask City Council for conditional zoning to allow STVR.If your property is not in the city limits: Check with your local government planning department.

Let’s assume that the economy continues down for the next few years (interest rates are up, Credit is limited compared to  previous 8 years, spending is reduced and overall asset values both financial and RE are down). 

Hiring people to overcome limitations is important, but that comes over time.

Keep in mind, banks are not ignorant or desperate, they’ll be looking to get as close to market value as possible, to limit their losses.

Some of the concepts roll over to multi family as wellSome costs during operating period including but not limited-Initial Phase-Leasing commission one time for 1st month( if using broker) (depend on broker fee structure)Property mgt fees (depend on broker fee structure)Landscape costsRekeying your house or change locksCleaning property Vacancy Any repairs During occupancy-TaxesInsurance Property mgt fees (not included if you're managing)RepairsRental permit (depends on city)Feel free to ask any questions -Kevin

Either you the agent or your client need to ensure it's in a census tract with no income limits.

Just from the very limited information here, that sounds like a money pit and a half.

I'm looking to house hack, so the areas I can look in are more closely limited.

You can contribute each year to match your earnings up to the limit( depends on account type and IRS limits for the year) at brokerage or bank IRA and invest in investments you feel comfortable with like stocks, bonds, mutual funds and cd's.