I can confirm what Bruce says, our servicer messed our escrow up the first year big time, gave us a check saying they took too much and then later said they messed it up and we owed. 

It seems like it’s not “not allowed”, but they reserve the right to restrict it, assuming they find out and it’s a nuisance.We think we can get $800-$1000 for the basement rental and upstairs we could probably get $1750-1850.

So if a property doubles in value you property tax will only go up by the capped maximum (I think 3% but it may be 2% - I used to know but do not really care about the 1% difference now).So at your income you will be challenged to find a place that you can afford with a safe reserve. 

Does anyone have any HOA language they've seen or examples out there in Texas where the HOA rules do permit renters to access and be able to reserve common areas, such as for a pool party? 

Jeff if you have the money it would be best to pull the band aid off and reno everything at once and then get market rents.If you don't have the cash in hand I would raise rents a little and build up cash reserves.

You must confirm that the first position lender will allow a loan subordinate to theirs.

Check with local PD office to confirm the details...they will tell you exactly what's law. 

I am unable to confirm from your pictures if it is mold or not, but along with your post, it may seem so.

You may want to have a local NC attorney who is familiar with foreclosure laws there to review the collateral to confirm. 

Some markets have year round nightly demand, however in some markets having 3-4 monthly reservations that give the property an 85% annual occupancy could be a lot less work, a lot less wear on the property and at the end of the year could be more profitable if you know how to connect with the right business traveler.