Just like others on this thread mentioned, make sure you're aware of all the Ellis Act restrictions.

Are you aware of any restrictions in place?

Here are some of the responsibilities.Financial Management:Overseeing the HOA's budget and financesCollecting dues and managing delinquenciesMaintaining financial records and generating reportsCommunication and Administration:Acting as a liaison between the HOA board and residentsDisseminating information through newsletters and noticesResponding to homeowner inquiries and concernsScheduling and facilitating HOA board meetingsMaintaining the Community:Overseeing maintenance and repairs of common areasEnforcing the HOA's Covenants, Conditions, and Restrictions (CC&Rs)Managing vendors and ensuring adherence to contractsSupervising common areas like pools, gyms, and landscapingOther Responsibilities:Planning and organizing community eventsHelping to resolve disputes among residentsStaying compliant with local and state lawsThe PM doesn't go on-site is very weird, it's called Property Manager for a reason, to oversee the property. 

Some lenders have minimum size restrictions.

You simply sell the property, take the cash, and you can reinvest it into whatever you'd like without any of the restrictions that come with a 1031 exchange. 

Hi Abdul,I just backed out of lots purchase in Galveston Bay breeze area few weeks ago because from my findings on the HOA and certain restrictions.

Any restrictions on cosmetic matching?  

HelloCan an HOA restrict rentals in North TX?

(Yes I know there are other restrictions/conditions.)In the past, I have toyed with the idea of a vacation/rental property in Ocean City, MD, Rehoboth/Bethany/Dewy, DE, and/or the Deep Creek Lake, MD area (I like the idea of being within 3 hours of the rental property in case something goes horrible wrong and I need to travel to the property). 

I met a private mortgage broker through the forums that told me North Dakota is very restrictive.