So the HOA is at fault there. the way these get over turned is through litigation not the country supervisors cancelling the sale they have no power to do that only a Judge does.

That method will increase your ROE significantly more.Also read the BP book on BRRRR investing.

@Shiva Bhaskar I don’t see this moratorium getting over turned through a lawsuit to be honest with you.

I understand the concept of ROE but there are a lot of unknowns. 

That means either you won't cash flow or your Return on Equity (ROE) will be terrible.Since this is your primary residence you'll be exempted from paying capital gains taxes when you sell.If you sell to your parents, it will be considered a non-arms length transaction and will get closer scrutiny.

You can overcome this by putting more down, which reduces you ROE and COC return, but if the appreciation is good enough you can make up for this with overall returns over time as rents increase and the property appreciates.

I paid just half of the price on it and have now made 50% appreciation on an unfinished home ..or 100% ROE on what I have actually paid.

ROE (rather than ROI) tells you the rate at which your current net worth is self-perpetuating.

Lending money at 9% seems a bit riskier than making 10% ROE on a property you have owned for 5 years and know well at this point.

I’m curious if you mean CoC or ROE or both?