@Rohit SharmaWhen I got my loan a few months ago I had a restriction that limited me to leasing the property for more than 30 days to a renter.  

@Anthony Thompson We are looking to rent out by the room for college rentals (we are down the road from Roger Williams), and Bristol actually doesn't have any limitations on renting by the room, so technically it will all be one unit with two kitchens and two bathrooms.

It is typically not legal for someone to let a house go for unpaid taxes and then buy it back to wipe out a mortgage etc.You need to talk to an attorney you have limited time to get this reversed.

I'm not a fan of cameras unless they are limited to common areas, fully disclosed to all renters, and always maintained to ensure function.

Thanks for replies.Zoning is RT-4, as far as I can tell the only height limitation is 38ft for single family home.

I’d love to get some insight on the process and the limitations.

Since you have a W2, are you considered a passive investor and limited by the amount you can deduct?

Assuming you go private/commercial, these loans are reported on credit, so there's no limit. 

Remember, they only provide limited liability protection, not accounting/tax benefits (unless you are investing with a non-spousal partner).https://www.biggerpockets.com/...https://www.biggerpockets.com/...As mentioned, many investors just use insurance. 

Folks seem very willing to dramatically pay more in these “affordable” markets in a feeding frenzy fueled by cheap mortgages and limited choices for house hunters.