For starters, you should spend some time looking at the property listings.

On the other side of the coin, someone going through a broker or IMB to purchase an investment property, is likely going to spend significantly more than they would at a bank who holds the loan in house, because of LLPA's with Fannie/Freddie.

@Andrew Steffens I think we've been able to avoid cheap owners by taking on the expense of many of these consumable supplies, which effectively removed them / their spending philosophies from the equation.

Personally, I wouldn't spend money on an attorney because 1) I think the covenants/restrictions can sensibly be used against STRs and 2) because the HOA potentially has deep pockets if the officers decide to fight because they can pass the cost of the fight to the home owners.I would reach out to the officers to get their sentiments and to plead my case, and I would start building my case with the other homeowners. 

Find out what that VA restoration will really cost youSecond, you are making a rookie mistake, one that the gurus play on to make you spend money for almost always useless sessions.

This is definitely making me rethink if it's a worthwhile gamble (especially considering the owner that is bey foreclosed on is supposedly a lawyer).

It's similar to the whole "Short Term Rental" structure in that not only do we have to acquire the property but then we have to spend extra money to get it up to speed.  

Depending on the investment and your current knowledge, this can take from 2 to 20 hours of research.2, Spend $400 - $600 for 2 hours consultation with an attorney who specializes in real estate IN THE STATE that the underlying property is located in.3.

If you are literally just starting then spend some time researching the pros and cons of each, but don’t overthink it.

(Looking to spend 130 or less)Just looking for advice, this would be my first property and I'd like to get cash flow while being in a non crime filled area, and being able to count on at least some future appreciation.