How does this work with resale restrictions from Fannie Mae?

Hopefully I am wrong.I know she said they were on water rationing restrictions and have been for some time.She also stated cities in Texas were growing like gangbusters.I believe 5 of the top 10 cities slated for growth are in Texas.If there are water restrictions sometimes a temporary moratorium bill will be passed restricting new development.Also if the sewer system is running at or close to full capacity that can become an issue as well.We are not having these issue now but did have them about 2 years ago when we had a drought here in my area.

will they come with any restrictions for it?

If it isn't...then you'll save yourself precious time.In my short life as an investor, I've learn (please, correct me if I'm wrong) that you'll need the terms of the underlying loan, if any (years left, PITI, type of loan), the average price for similar rentals in the area(also what they are renting it for) and if there is any HOA with restrictions for rentals.Good luck!

So all discussion about that is null and void until I do real estate full time or work for a company that doesn't have the restriction.

The big questions you'll need to ask (and most investors are going to ask you when you go to resell) are:- What are the details of the land (size, shape, zoning, any restrictions, etc)?

So my point is you can get great deals if you have the cash because most people don't, and banks have lots of restrictions on which properties you can buy.

There should be restrictive covenants that are filed as a matter of public record, there may or may not be articles of incorporation/organization (which may or may not be filed), there may or may not be bylaws (which may or may not be filed.)The restrictive covenants should describe deed restrictions on the properties in the development and it should be broken into 2 time periods: when the developer is in control of the development (or phase of the development); and, after the developer turns the phase or development over to the HOA.Any articles of incorporation/organization would describe the creation of the HOA, how the HOA is to be operated, who are the initial members of the HOA, etc....Any bylaws would be very similar to the articles - however, they will go into more detail about the day to day operation of the HOA.Is the developer still active with the development, or has it fallen apart?

And they have the 90 day deed restriction which kills a speedy flip.

Your insurance company might impose a limit on how big a dog they are willing to accept.Something else to consider is the cost of making the place ready for the next tenant afterwards.Obviously this is dependent on the tenant and the dog.