It's not hard to understand the disqualified party rules and prohibited transactions. 

To guarantee compliance, also acquaint yourself with zoning rules and municipal restrictions.2.

It was a 50% of one months rent and a $100 increase in rent. 

From what I have read and heard, a conservative underwriter should project the exit cap rate at least 50 to 200 bps higher than the purchase cap rate.

I recently sold one I had on Seabrook Island because the club/regime/HOA were frequently changing the rules and making it harder to operate smoothly.

One thing to consider since you are a California resident investing is the compliance requirements for LLCs incorporated in California or operating as a foreign entity here - the rules here are different than most states.  

You need to know the septic system rules for the area and that lot specifically. 

Asking in the correct forum will get a better response.Read the RULES!

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and it's super landlord friendly (so you will never have to go through a 12 month eviction or anything close to that!).

Negligible changes called "diminimus" are the easiest, but they are along the lines of 1 foot out of a 50 foot setback.