HOA in theory can remove free rider market failure if well managed, when there are costs and/or needs for management shared by all.HOA kind of philosophically touches on the oft debated (and oft oversimplified) ideological debate between centralization or decentralization of authorityMy thesis would be: I suspect that HOA developments have higher property values in general, however when controlled for development budget on a per home basis, I would wonder if this actually holds up over time.I have heard anecdotal stories of corruption within HOA bodies, and mismanagement. 

Don't make the dog your problem, you can very professionally and respectfully; Tell them that it' their duty to control the dog and let them know that if it happens again, they are putting you in a position where, even though you don't want to, you HAVE to act.

On top of @Eamonn McElroy ‘s great input, I would like to add that if you need to sell the developed property rather than holding it, you might save some taxes if you sell the lot to the controlled entity before actually developing it. 

Should be, but your language is a bit less than precise* so good to check on the details with a professional (*not at all unusual or surprising as most peopled don't do this every day).

then 100 a month in my mind never worked .. and will never work.. long term in these asset class'sgive me 100 a month in historic areas of reasonable appreciation and tenants that actually pay on time every time and don't trash houses.. then yes you controlling a valuable asset that can realistically be put on MLS and turned to cash in 30 to 60 days without being hammered by a local wholesaler or investor who will never over pay and just wants a screaming deal or they wont buy them. so if you buy for 100 a month and the locals who are in tune to the market will only buy if they can get 200 a month and if rents are basically static which they are in most of these markets.. what has to give is your equity if you need to exit.. or wish to exit..

Materials is a great place to control costs.  

I'm under the assumption that if I find out what buyers are looking for I can narrow my search with laser precision.

It has inspired me to invest in more real estate and take better control of my finances overall.  

@Kevin Barnard, if your property is in rent-controlled Los Angeles (not all properties are under the LA rent control scheme), you may have some issues with the rent control, rent increases, and evicting this tenant. 

Try to have your personal debt under control, have a good credit score and understand you will need some cash and reserves the amount will be determine by your market.. .