Regarding the HOA and CC&R's, the builder can make changes to the CC&R's pretty easily while the development is under Declarant Control.

Handling Unforseen DelaysA clause should address unexpected events beyond human control, including weather-related delays, natural disasters, supply chain disruptions, or unforeseen structural issues.

Again, this is a factual action that will ensure that you remain in control of your property and that the other tenant has the peaceful use of the property that is a legal right.Fun, huh? 

- Value add - How much does it cost to convert Non-climate controlled units to climate controlled units? 

I'd like to speak to the it's the owner not the dog, it's a bit like the gun control issue.

The answer is that if the lender that's doing the hard money loan is only funding the purchase and not the rehab, they then have less oversight of the project since they're not doing the draws, and thus not seeing the progress of the project and having control of the funds or draws from the rehab to make sure the project is progressing.

If your debt to income ratio is good, you can control a $700-800k asset with $50k.

Otherwise, you'll have to get tenant & owner manual opt-ins for everything with little, if any, control.

There’s not much I can do to control the Bay Area real estate market, and our property has gone down in value since we purchased it.

There are many loan programs to help out first time homebuyers so don't feel as if this is too ambitious when there are tools to help you out, like use here on the Forum!