Identifying neighborhoods with good schools, infrastructure, and amenities can lead to finding a hidden gem.Myth 4: It Is Only Seasoned Investors Who Can Handle Distressed PropertiesExperience is helpful in real estate, but you do not need to be a seasoned investor to do well in distressed properties.

If you don't meet that 12 month seasoning requirement and/or want to hold the property under an LLC, a debt service loan may be a better option.

Something is missing...if there isn't a Board and the HOA (or I assume more likely a COA) is newly formed then why isn't the developer still in control of the HOA?

This one you will develop. 

It’s a newly renovated 3-bedroom, 2-bathroom home, just one block from the ski slopes and four blocks from downtown.The current owner has been renting it out for $30,000 per month during the peak winter and summer seasons.

Now that the six-month seasoning period has ended, I’m considering refinancing the property.

If the land is in a suitable location, this could open up opportunities for developing 2 homes or even selling off one of the lots, which could lead to a good profit.

Developing? 

Is it possible to have denser development?

Still, you may not have to submit your tax returns. more info would be needed to know for sure, reach out to a seasoned loan officer for pre-approval and see if your situation would allow for this.