No matter what type of a loan you purchase using, the selling bank can record a deed restriction as a condition of the sale and that restriction can say that you have to reside there.

The website for FHLBANKNY looks like you need to be a member to access and membership looks restricted to financial institutions.Two  of the other loans are based on US Treasury 5 year and that's easy to access and find data on, but not this index.

I was thinking of turning it into a 6 or 7 bed house and renting out each room to college kids...Any restrictions or laws or regulations in the state of Washington that would prohibit me from doing so?

If the debt from the truck doesn't restrict your buying a property, I would buy the property. 

Questions might include:- Typical costs for cre/multi financing- Underwriting guidelines- Proforma questions- Loan doc negotiation or restrictions- DSCR/DY/other measures- Lease types/reimbursements/restrictions

There is no restriction at all with 1031 that prevents you from purchasing an investment property that you use some for personal use. 

You have to apply the criteria consistently to all applicants for that property - so even if your size and breed restriction limits pets to 20lbs.

Here are the rules for a "Secondary Property" per Fannie MaeSecond Home PropertiesThe table below provides the requirements for second home properties. 1      ✓Second Home Requirementsmust be occupied by the borrower for some portion of the yearis restricted to one-unit dwellingsmust be suitable for year-round occupancythe borrower must have exclusive control over the propertymust not be rental property or a timeshare arrangement1cannot be subject to any agreements that give a management firm control over the occupancy of the propertyIf the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above). 

Also, the Northeast tends to frown upon STR  and a lot of towns in the Northeast have passed or are passing legislation to restrict it. 

The situation would be that my parents own a rental property and we would be 'acting' as property managers for it, so profit wise, we would get a % of profit from the monthly rental income (also are there any restrictions within an LLC in this context as far as what that % can be?)