If I were to BUILD, I would go with a 4-plex; max rents on minimal lot size and still have parking. 

Or are you in the later stages where you want to minimize your hassle factor and put large amounts of capitol to work with a minimal amount of effort?

RE is risky business, but with a Plan you can minimize risk.  

This is an indication that you should go take the "Salespersons" course to just get the minimal education which is about 75 hours and about 250.00, plus the manual or you can just buy the study manual on your own for "Salesperson".

And the HOA is another fee you could've avoided or minimized by selecting a different property.

I can easily afford the 6%, my lifestyle is minimal and we save 100% of my wifes full time income for REI, so this is just another way to plan for the future.

If you go to RE club meetings you'll hear a whole lot of pitches to 'coach' you.  

Most Agents IMHO advise their clients in pricing at a low price to sell quick and minimize their time.

Your best bet is to look for a real estate investment that you can owner occupy at first to minimize your downpayment.

Having these clauses and "extra time" in your contract should allow you to take action with minimal risk.