CoC can be easily manipulated, for example.  

Let’s say you own 1/2 of the $700k property as a TIC and can do a 1031 easily.

If an in-person visit is not feasible, we can easily arrange video tours to accommodate your schedule.

Can easily save $750 just in tub filler placement. 

This is something that can easily be changed later if needed.

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

JohnFirst look at your states licensing laws, they can easily be found online.

While I do take into consideration all the relevant expenses when I vet a property I still like to see at least $200/door cash flow so I can more easily build up my reserves and have some money to work with.  

If they are professional, they can explain this quickly and easily.

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.