I know some associations have their own rules but I'm not sure if there are local restrictions based on certain zoning and whatnot.

This would be my first rehab and I plan on getting hands on with it in order to learn more about the process and to get better ideas about rehab costs and whatnot.

It's more or less up to me to take the financial risk, planning, floor plans, and whatnot, so I'm the one giving him everything for us to do.

You are getting fooled and misled by irrelevant and inconsequential details that have NOTHING to do with ACTUALLY improving your success.AGAIN,Finding a better way to find vacant houses, foreclosures, absentee owners and whatnot, ONLY is great, if these properties were ACTUALLY motivated sellers.

.. because, the irony and whatnot

Sorry to hear this happened - I worked security in Dallas for a few years - depending on what "not class A neighborhood" you are in, as John said there may not be much to do.

Typically terms are 65% LTV, 4-6% INT, 10-15yr amortization.USDA has a program called “B&I” (business and industrial) that lends money through certain banks to businesses in rural communities that bring a certain number of jobs or whatnot.

Network and build rapport with local investors in the area, that may be able to lend advice on resources, or even better what to do and what not to do in that market.

Anything would be helpful because this is my first investment and I would like to know what not to do and what to look for to maximize cash flow.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.