If you can have a preexisting purpose for the land that will add value or for resale.7.  

In this situation, I also think you would not be able to finance such renovations because all renovation loans will get their values off of "comps" - meaning, comparable properties surrounding the neighborhood. 

The contract I could find says the following:```...together with the right of ingress and egress at all times for the purpose of mining, drilling and exploring said land for oil, gas and other minerals, and removing the same therefrom.And said above described land being now under an oil and gas lease originally executed in favor of [Oil Company], Chicago and now held by [Oil Company] it is understood and agreed that this sale is made subject to said lease, but covers and includes of all the oil royalty and gas rental or royalty due and to be paid under the terms of said lease.It is agreed and understood that of the money rentals which may be paid to extend the term within which a well may be begun under the term of said lease is to be paid to the said [purchaser], and in the event that the said above described lease for any reason becomes cancelled or forfeited, then and in that event, the lease interest and all future rental on said land, for oil, gas and mineral privileges shall be owned jointly by [owner] and wife and [purchaser] each owning & interest in all oil, gas and other mineral in and upon said land, together with interest in all future rente.This sale is made for and in consideration of the sum of Ten Dollars, cash in hand paid, the receipt of which is hereby acknowledged.To have and to hold the above described property, together with all and singular the rights and appurtenances thereto in anywise belonging unto the said [owner] heirs and assigns forever, and we do hereby bind ourselves, heirs, executors and administrator to warrant and forever defend all and singular the said property unto the said [purchaser] heir and assignee against every person whomsoever lawfully claiming or to claim the same or any part thereof

Fast forward to today and one of those existing STR's has become a nuisance to the neighborhood and so the HOA board is planning to ban all STR's using what they believe are provisions in the CC&Rs to justify it and have consulted an attorney to validate the legal standing on implementing this ban.The CC&Rs were written in 1998 (before STR's was even a thing) and have these sections being cited by a couple members of the board as justification for banning the rentals (note there is not anything explicit about STR's in the documents)Section 1 – Single Family Residential – states in part, “… Lots… shall be used for no purpose other than residential purposes.”

However, do that for the purpose of being able to charge a higher rent.

I wouldn't go for a condo, as the HOA fees and restrictions could affect your ability to rent it out, and the resale value will always be lower than a comparable SFR.

Comparing bids would be a good way to do sanity checks on pricing, If they have portfolios they can show you, that will benefit you a lot as well

Has a ten-year-old roof 3-tab, but the condition is more deteriorated compared to its relatively young age.

The tahoe STR rental activity is down this year compared to the last 5.

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.