Evening: I am formulating on operations agreement for our first REI deal. 

We're going through the podcasts together and I'm working through my first of their books now while formulating a plan.

Two years ago I started this journey of educating myself to prepare for out of state real estate investing (I'm near my 4th closed property via Turnkey in Indianapolis...within weeks of that).Now I'm formulating my plan for taking more of this process into my own hands.

I was just formulating a similar question.  

Because I am from Texas and my RI experience is from Texas it is easy to formulate OPINIONS that may or may not be sound.  

@Jeannie G — I have to respectfully disagree.The property you purchased through the owner/Provider (Coral Properties) was represented by them as a rental property; however, as you and I both know the HOA restriction never came up at any point from the day we received the listing information to the day you received your closing documentation, and thereafter.In other words, this was not caught by the provider right from the beginning, and was not disclosed to anyone by the title company before you closed, and was not caught by your review of the closing documents (specifically the CC&Rs).This certainly was an anomaly and one that only has come up once over the years.It is and was our intention to help work through this with the original seller (Coral Properties) and formulate a solution for you...As you will recall from our communications back on August 20th, we helped come up with a few options for this property and we negotiated with Coral Properties to list and sell the property at no cost to you.

For a week I thought my project was surely done for and I would be lucky to see any profit, but with a little brainstorming with my general contractor and taking a step back and taking a look at what we have we were able to formulate a plan and mitigate costs with careful planning.

Start formulating the kind of house you think would be the best to sell quickly.

I'll be looking at the remainder of the REO and investor held properties that was looking at last week as well as the following HUD homes (note the prices):listing#addresscity Pricebedxfbathxhbath#6053561752 MARIE WAYLawrenceville, 30043 $61,600 4x2x0#4683902561 RAMBLING WAYLithonia, 30058$61,800 3x2x0#6208853423 CENTERSET COURTSnellville, 30039 $50,000 3x2x0#5983144497 FOWLER LANESnellville, 30039 $58,000 3x2x0#6103794083 MASONWOOD COURTSnellville, 30039 $66,800 3x2x0#5481774425 CARRIAGE TRAILStn mountain, 30083$39,000 3x2x0#6106345421 RIDGE FOREST DRIVEStn mountain, 30083$44,000 3x2x0#6176081292 MUIRFIELD DRIVEStn mountain, 30088$40,500 3x2x0#5431212107 SCARBROUGH ROADStn mountain, 30088$48,800 4x2x0If you want to see photo, just pick a house and do a google searchAfter viewing all of them I will formulate my offers and write up the contracts.

As I evaluate this opportunity and formulate a plan, the steps need to be mapped out so that I don't come to a stretching halt.