Otherwise, it will simply impact your income and you will pay based on your income tax level that year. 

Congress (at teh fed level) hasn't mandated it for themselves but you are for your tenants?  

Mind you, if interest rates were ever to return to a normal level in the US or Canada (something like around 6%), the property market would inevitably tank as it did in 2007-8 as the CAP rates are generally currently below that interest rate level.Short-term rentals work great in Mexico because of much lower property prices, operational costs and taxes, potentially higher income and no (danger of) unfavourable short-term regulations.BiggerPockets is awesome but it's mostly US-centric and you cannot copy/paste everything when investing in another country.

Experienced brokers would not put in the time on a small deal like that because of deeper due diligence needed with mom and pop versus national tenants and thousands of pages to review.

You will have a good idea of what your debt levels are. 

Where is your personal comfort level?

Just make sure you are still cash flowing at the level you want/need.

I left a big name brokerage after several years of paying fees and only getting limited support - everyone wants to say they offer training (and they do ) but few actually help you get to that next level.  

I can understand the % of HOA rentals influencing but have not heard of this authority level before over loan type.  

There are turnkey providers that do high level renovations and even manage their own properties so the investors experience is handled all through one company.