Hi Bret,In addition to all the complexities Brian mentioned, it is actually prohibited to do path #2.

The producers cut my scenes from the program because my university prohibited filming on campus at the time.

Good thing is you'll be in late Spring/early Summer, but market changes could prohibit you from getting top $-dividing the land and building would 10X the above scenario.

This is what is called a prohibited transaction, or self dealing.

I will not post it here as it is an advertisement for that property which is, of course, prohibited on BP anywhere except the marketplace.3. 

Yes, but HOAs can and often do restrict or even prohibit rentals.

@Adam Williams I can only speak to Colorado Springs, but I think the areas you mentioned should reasonably expect to continue to see very nice growth over the next several years.As @Chris Lopez mentioned, we are helping a few clients buy around Wolf Ranch for house hacking- specifically NOMADing- (most of the newer neighborhoods around the Powers Corridor prohibit the rent by the room strategy in their covenants, but that's a different topic) as there is a lot going for that area and should hopefully continue to be robust in the years to come.  

I'm on the forms committee for NSBAR and the neighboring boards were notified by CAR that any agent that is not a member of CAR is strictly prohibited from using CAR forms.

Prevent any person, partnership, trust, association or corporation, or the partners, officers or employees of any partnership, trustees or beneficiaries of any trust, association or corporation, from acquiring real estate for its own use, nor shall anything in this section prevent any person, partnership, trust, association or corporation, or the partners, officers or employees of any partnership, trustees or beneficiaries of any trust, association or corporation, as owner, lessor or lessee of real estate, from selling, renting, leasing, exchanging, or offering to sell, rent, lease or exchange, any real estate so owned or leased, or from performing any acts with respect to such real estate when such acts are performed in the regular course of, or as an incident to, the management, ownership or sales of such real estate and the investment therein; however, it shall be prohibited for any person, partnership, officers or employees of any partnership, trustees or beneficiaries of any trust, association or corporation to publicly market for sale an equitable interest in a contract for the purchase of real property between a property owner and a prospective purchaser without holding an active Oklahoma real estate license;2.

1- You can always have the tenant pay for the insurance if it is cost prohibitive