I believe it's Oak and I removed about 80 of  600 square feet so far with limited damage to the strips.

With the limited info we have so far in this case, there’s no clear path, which means there’s no deal.

There was no max amount that could be charged over the years, or limit to how high or often the HOA fees could go.

Just from my limited experience i have been using the VA mortgages to my advantage.

Up to this point I have been using my own money for my deals, but at this point it is really starting to limit me.

@Jenny Gremillion  Can't hurt to run it by her to ascertain her comfort level.There's CPAs all over the country who are familiar with not only federal tax law, but state and local tax law outside of their geographical location.No need to limit yourself to where the property is located. 

It's my goal in business to limit my unknowns, but it does happen. 

But pretty much every HML will require PG's as well.. but if they have a mechanism to get the property back without a foreclosure then maybe they don't need it.. and frankly with the no money down borrower with limited capital the PG is kind of worthless anyway.. again just spit balling here.. but in mortgage states like OHIO were foreclosures take a long time.. 

As you mentioned though, there is a limit on how many of those type of lots there are.

Follow up question on the repair costs:  make sure there is a written limit as to how much the PM can spend without contacting owner (ours defaults to $250, or could be more or less, depending on owner's decision).