newbie with a potential first deal

[J.j. McGuigan]

Hello, I will appreciate anyones input on this situation and as I learn more I will be able to share more of what the deal may consist of. A villa in my neighborhood is on the market for about $100,000 because of it's current condition. My family is friends with the realtor of the place and it's in fairly bad condition from the previous owner. They hired a professional cleaning crew to come in and clean so now the house is pretty bare. Most of the villas in the neighborhood are going for over $200,000 if they have been well kept. I have a buyer in line who does rehabs and then flips homes. However the HOA for the community will not allow a company of such to purchase the property. I was thinking of purchasing myself or with a family member and then having the buyer rehab the house to where it could potentially sell for twice at what it's worth now. If I can't buy the property I'm unsure of how I could wholesale it or even bird dog it since the HOA won't allow the rehabber to directly buy it as it is now. I just found this deal today so I will learn more on it but that is the general description of the situation. Any thoughts would be helpful, thanks

JJ 

[Victor Menasce]

I would ask the HOA for a copy of the bylaws and constitution. That way you know exactly what is allowed.

I often find that people provide information that is partly correct (actually incorrect).

If you can't find that restriction, then go back to the HOA and ask them to show you where it is written that is legally binding preventing a company from taking possession of the property.