You are generally bound by HOA rules when you buy into one.

@Chris Bounds hard is not hard anymore anyone who has been in the lending bizz more than a few years hard or not realizes that those with no capital are not worth wasting any time on.Suggestion need to get equity partners so you have actual capital.the no money no credit get rich on my hardmoney loan is pretty much dead and has been dead for years.

Lining up financing will show a realtor and any sellers that you are at least somewhat serious and not just wasting their time.If you have no idea of how much financing you need to line up you may want to have a discussion with a realtor first to clarify your goals and the range of prices of the types of properties that match your goals.

Property price hasn't gone up yet.Jordan - Annual expenses above include tax, insurance, water, etc.. but here's a more detailed breakdown: Mortgage interest rate (30 yr fixed) = 4.625% Property tax = $9481.94 Management fee = none (i'm managing it myself) Insurance = $2450 Water and trash ( if you're paying for it) = $930 Snow removal = $1000 Maintenance reserve = $1200 Cap Ex reserve = $10,000 (credit I got from seller) Vacancy = 5% ($3,240) As for cap rate in my area, I'm not sure but in a quick search it seems to be 4%-8% range.

Structures might range from 50/50 to 80/20, and may include a preferred return.

I'm sure I'm bound to make many mistakes, so I decided to take the plunge on my first property since I'm in a fortunate position with a lot of income and almost no expenses right now.

It depends on the price if the home is listed in the 7 figure range then the answer is probably yes, if the home is listed at 150k then probably not... think about it in % terms

In California, for example, I can search a date range for all recorded NOD's.

(Just my opinion) We contact ifunding too, but due to the costs of funding a new build in California were asked if we could do a deal in the $300k range.

Hey @Christopher Hydrick I'm not in the Miami market, but I can at least offer a bump on your thread and also recommend checking out http://www.biggerpockets.com/meet to find local investors in that market (though, you'll have to have a Pro membership to search other markets and a wider range, fyi.)