HOA, for those that don't know, is an organization to manage and govern a complex, the letters stand for Home Owner Assassins!

Here the Government Standard Lease form which most landlords use includes a 7-page appendix containing the key points of tenant/landlord rights and obligations from the legislation and a URL to the entire legislation on-line.Most tenants - or probably landlords for than matter - never read the material, so its presence has no real impact on Landlord - Tenant relations.

Others have said that it IS possible, which is a pretty easy statement to make, considering that the FNMA regulations are standard and widely-read.

You could also point out that your cost of funds with which to loan is far higher than government backed funds, so the interest rate caps are too low.

If you are raising capital with the intent to loan it out, stand in the middle of the room, look to your left, that is the regulations around raising capital and then look to your right, that is the regulations around lending money.How to raise capital in compliance with SEC/FINRA is a whole set of discussion on their own.

Welcome to the world of regulations!

I whet on line and found a company that does Lot Book Reports and discovered that all of their business is with government agencies.

New York and California are 2 of the states in the handful that have lots of regulation.

Also pay attention to local regulations on number of  unrelated people in a house and party and noise ordinances.

As you know FHA loans are backed up by the government, so if you end up defaulting on your mortgage payments, the lenders still get paid.