My personal thesis is to avoid the HOA altogether, problem solved.RESTRICTIVE COVENANTS can still run with the land even if there is no HOA, placed on by the developer.

A 20 room inn, a restaurant, a booking site with info and the land.

Gotta say, the discussions here have been pretty informative, especially with folks like @Taylor L. and Andrew sharing their insights.Looking at your list, I’ve actually known invetors who recently ventured into Memphis and Greensboro.

Eli,If I were you I would look into Subject Two, Land Contracts on Properties that are free and clear and Raising Private Money!

And my final dream is to buy land in my home country to build affordable housing for people there.

Of course, your "L" and his "L" probably stand for different names, but they are easy to remember nonetheless. 

However, we also recognize the time value of money, so while it might pencil out to turn a profit, but we get an immediate payback versus a six to nine month holding time, it might make more sense to sell them both as bare land.  

Real estate investing has a floor... the land+.  

So they started doing the loans that everyone else turned down, ultra high risk development deals, second mortgages, land loans at ridiculously high LTV, loans where the borrower has none of his own capital invested, 85% of AFTER stabilized value loans.  

There are several things to fear money loss on a bad investment, government involvement in RE, bad tenants that cost time and money, hidden maintenance issues and/or land issues and the list can go on.Today, I don't fear money loss or tenants,  the big unknown is how much the government wants to get involved in either taxes or landlord/tenant issues.