The smart play would be to build a two story wood frame structure on top of piers or concrete block in most cases. 35 feet is a pretty typical height limit in most neighborhoods, so depending on elevation you SHOULD be able to build two stories on top of the elevated foundation.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

The allowed rent amount should be pegged to market rent, so it would only be way off if your unit is a way different quality or neighborhood compared to average. 

Maybe better to buy for rental in non-HOA neighborhood.

*Neighborhood drive bys could get you shot.

If you renovate for a flip and then decide to BRRRR you will likely get less than you expect because the finishes will be too nice for a rental (depending on the neighborhood, it could work where you are in that price point).

I want to say its like a C neighborhood (not sure if there's an actual site that'll tell you more accurately).He already has a team in place and I'm pretty much just taking over his property and its pretty stable.

If searching on your own is not sufficient, try making a connection with a new real estate team - there are bound to be real estate teams specializing in investor-focused purchases2.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).