You also will need good legal counsel for preparation of your declarations, counsel on complying with the NC planned community act (or fNC condominium act if you go with condos) and assistance with financing.

The seller's disclose was poorly written,  and had one box to declare hoa(s)/association(s) so we didn't catch it in either case.

I think you'd be better off partnering with someone who has the experience and financial muscle to do this deal and learn from them while getting a piece of the pie.

Make sure to have them sign a lease that includes them to provide a declaration page naming, you/legal entity owner, as an additional insured. 

Although the tax code doesn’t state exactly how long you must hold the property for rental purposes, most tax professionals agree that one to two years is long enough, provided you can demonstrate the property is used for business or investment purposes.The IRS is clear on two points: Merely declaring your house is a rental property isn’t enough.You can’t live in your house at all while it’s a rental property and you must actually rent it out for some period of time

I've currently shifted my day job time to a consulting business that will be flexible over this time period, thus the impetus to declare this goal. 

This is the opposite, of course, of the more typical problem:  A new wholesaler sends 100 letters and is shocked at a 0% response rate and declares direct mail doesn't work.  

One acceptable "other" is "property or borrower's employer located in federal declared disaster area."

I've had people to quit working for me 2 hours after they started due to getting sick and not being able to handle the work conditions of plumbing and sewer work.......It is not for a person with a weak stomach or weak muscles.

Multiple news reports are stating he has declared that he will overturn large portions, if not all, of Dodd-Frank.