That's why I'm here, to discuss this and formulate an informed opinion on the matter.

After you know the rules, then you can formulate a plan on what you want to do or are allowed to do to develop the property. 

Once I delve into the actual numbers the spreadsheet takes shape and I can formulate a price fairly quickly.  

Once you know that you can start formulating a gameplan and focusing your education.

haha . . . milk has been price fixed by Uncle Sam for decades.Calif, due to the Clean Air board and unique formulation of gas, has the highest prices in the country . . . just last Friday, $2.87/gal

This is a crucial step IMO that I see a lot of newbies make and try to skip to step 4 to apply advise they get online from a completely different market to apply to their own, when it may or may not be applicable or wise.Based on what the locals say is working, if any of those aspects appeal to you then formulate your own strategy accordingly.

Otherwise, I assume that you or someone else made this assessment through underwriting.Underwriting is simply said, but pretty difficult to formulate.

@Jeannie G — I have to respectfully disagree.The property you purchased through the owner/Provider (Coral Properties) was represented by them as a rental property; however, as you and I both know the HOA restriction never came up at any point from the day we received the listing information to the day you received your closing documentation, and thereafter.In other words, this was not caught by the provider right from the beginning, and was not disclosed to anyone by the title company before you closed, and was not caught by your review of the closing documents (specifically the CC&Rs).This certainly was an anomaly and one that only has come up once over the years.It is and was our intention to help work through this with the original seller (Coral Properties) and formulate a solution for you...As you will recall from our communications back on August 20th, we helped come up with a few options for this property and we negotiated with Coral Properties to list and sell the property at no cost to you.

You'll see how the scenarios play out and begin to formulate a picture of your plan.

Always thing of your end goal in mind and that will help you formulate a plan.