@Helen Zhang interesting stuff...we just made it through the initial regulation round here in Columbus...not too bad of an outcome, but this is just the sign of the times with this disruptive technology...

You may also want to check with your states regulations.

Treasury Regulation §1.162-21

Additionally, requiring a borrower to go delinquent before consideration, would subject the servicer to penalties and sanctions by CFPB and while CFPB is tasked with regulating banks over $10 billion in assets, that financial institution's regulatory authority will follow CFPB rules when nailing the servicer for their violation.

Any code regulations / building modifications needed for the new use?  

I'm sure you're aware of this, but anytime in your car or any environment which is appropriate, listening to any audio book and/or podcast you can. 

This would depend largely on the lender and specific regulations/guidelines tied to your 2nd loan.

Our fund is almost complete, waiting for the final regulations to finalize the documents.

It's almost like watching a train wreck with all the regulations being passed lately; since I have no skin in the game in Portland besides my own residence I'm fascinated with how this will all play out. 

In many places these historic district homes are pretty heavily regulated (expensive to restore).Good Luck?