But our local neighborhood HOA CCR might prevent it.

If you feel there is going to be a return on it and it wont prevent you from other deals then do it.

The overall ROI increases because they will end up prevent you from evictions, missing rent for a month or two, etc.You could also add in cleaning and other services that are separate from rent but makes life easier or the tenants and depending on your type of tenants most would be willing to pay for similar types of services.

Will having these prevent me from being able to obtain a conventional loan?

We just had to take a tree down (preventative-- angled straight at an $$$$ neighbor's house) , and we posted a picture of it on CL, with some details, and got people to send us quotes.. they varied from $500-$3,000, with the average being around $1200.     

If you are given a buy-option lease, that does prevent it from being sold from underneath you.

@Jermaine Riggs   Remember the 6PsPrior Planning Prevents P*ssPoor Performance There are steps that you can be taking today that will better ensure you will be able to qualify for the best of terms on your purchase in TX.1. have a Mortgage Broker run a Tri-Merged MORTGAGE credit report and pay the extra $15 for them to also run the "What If" score increase simulator to know how best to pay down debt in the interim2. start eating MREs and saving like a maniac until you close as the more money you can show in reserves Post-Closing, the better the programs you can qualify for.etc,etc,etc,   

If your unit is all carpet and my bottom floor is stained concrete...well...our costs will be different.

Seems to be a reasonable rule considering the destruction puppies can do and usually the dog owner can only prevent so much when they are that young and wild.

I don’t want to have to justify preventative maintenance costs to LPs, don’t want to be forced to sell based on a timeline for returns, etc.