Out of sight, out of mind.

My experience is in Alabama association law, but I suspect the principles are universal:  There is a hierarchy of rules for HOAs and just like government documents, a lower ordinance can be used to execute and make more specific a "higher rule," but can't contradict it. 

Real estate investing involves learning strategies, mindset, and wealth-building principles through books, podcasts, seminars, and networking events.

New investors spend way more time crunching numbers on a spreadsheet instead of seeing every home on the market (you can go to Open Houses if you aren't linked with an agent yet) to get sight reps.2.

Obviously, one must use the BP principles and "Buy right" to significantly reduce risk. 

In hind sight it would have made a great rooming house for college students or otherwise!

Principle & interest will be $667.  

As such, I would suggest being very conservative with your cash as loosing principle will be quite impactful.I understand your desire to earn the highest return possible, but keep in mind that you often need to take on higher risk to get a greater return. 

I would venture to say that 95% of properties listed today on the market will not cash-flow at a 7-8% investment interest rate once you factor in principle, interest, taxes, insurance, and a maintenance / capex reserve.  

Truthfully, running a company and REI use the same principles in many ways.