There is a 12M funding coming in w/ new equity partners in 2 months which pays off all outstanding debt. 

Although, I make good cash flow, with my recurring monthly mortgage debt and my other expenses.

You'll find that cash flow is only the portion you collect after your mortgage and insurance is paid and any other debt services on your properties.

Is this legal if they agree? 

If your goal is to accumulate properties it would probably be better to stick to the 30-year to preserve room in your debt-to-income ratio for future acquisitions.

Isthat generally legal and acceptable?

It sounds like you don't want a rental - so you need to look at your options to sell...owner financing, conventional, etc.You could do an Executory contract as a means around the 180 day limit but would seek legal guidance as there are lots of disclosures and risks with that route.Also, I assume this is residential - the requirement does not apply to commercial or investor purchases.

The HOA was legally formed, but never organized.  

Well, now I could care less about his feelings and am curious if I can bring in 40 yards of rock, and pour a nice concrete road from the state road to the edge of my property and still be within my legal rights.  

It also allows you to calculate to the dime your debt service costs based on your estimated hold time.Building buyers lists as a wholesaler is also portent but keep in mind bigger dies not mean better.