"The income approach is required for appraisals of 2- to 4-unit properties.

Loans through FHA require a 12-month residency.

Some of those that will write them, require that they be contractor built from kits or only __ yrs old.  

The new lender is requiring the JV partner to be a member of the LLC  that will hold title.

Seems like he cannot differentiate btwn regular wear and tear and intentional damage/ Paint requirements: Interior walls, ceilings and other exposed surfaces in rental units must be kept smooth, clean, free of flaking, loose or peeling paint, plaster or paper and maintained in a sanitary condition.

Assuming you have talked with the seller, I would ask for the requirements for assuming the loan. 

Last time I used them they only required a 10% down payment. 

@Fabian Escobar a phone call is not really required.

Short-term rentals of residences, as defined in Article 1, Section 5, may beConditional Uses in the A-1, A-R, RR-1, R-1, and R-2 Zoning Districts, provided that thefollowing requirements and limitations are adhered to:1.

However, the insurance company and or its agents are required to find this stuff for you. get someone qualified to make a phone call to them.