A lot of unforeseen headaches if you do

That way you don't have $5,000 of unforeseen problems after you open up a wall.

With the surplus cash you have to invest, working up an asset protection plan would protect your cash from any unforeseen problems with a new investment. 

Not only will this tampering of the free market have unintended results unforeseen, but as time goes on, and circumstances change, the government will continue to enforce these now obsolete regulations, although they will bear no relevance to the changed world.

And while I have absolutely zero intention of defaulting on any property I buy, the unforeseen can happen.

Even the most 'hardened' property can end up with some unforeseen issue that costs ME thousands.I dont buy in flood zones, earthquake zones, places that have hurricanes, or bad school districts.  

This establishes a win win, no one is put into a difficult position due to unforeseen changes of mind or life. 

A penalty clause that kicks in after x many days past completion to allow for weather and the unforeseen. 

The negatives are the added costs, the chance the HOA gets sued or runs low on money creating the need to assess all homeowners an amount beyond the dues, dues can dramatically increase, etc.Typically, HOA properties and the fees involved will cut into your cash flow which is already difficult enough to obtain in our competitive market.This is certainly not meant to be a hard fast rule, just my opinion on the matter.Much appreciated Will, I agree that the unforeseen anticipation of an assessment can dramatically increase your costs and completely cut into your cash flow moving onwards.

A 30-year will have only a slightly higher rate and give you the flexibility of lower payments in the future should there be an unforeseen issue.