Anyhow, this past June there was a fire in the bathroom ceiling of the apt. next to mine.  

When you don’t sell you’re essentially buying the property from yourself at the current value.

Then all went down hill but we took time of vacant to renovate bathroom and rented to a family for $1000 a month. 

So I essentially operate where if I write the offer and or bring the client the deal then we have a "exclusive" contract on that property. 

I've talked with architects and contractors and have gotten either a lot of friction or >100k estimates to add a bathroom/kitchenette to a detached garage. 

Essentially, I am purchasing with the intent to rent to my mother-in-law and her kids who has section 8 housing and who’s housing voucher could cover enough for fair market on a 3 bedroom home.

Rehabbed about 60% - Plumbing , complete bathroom renovation, new kitchen floors, etc. 

I also heard of one that had a reverse mortgage on it, which does not allow the mortgagee to rent any portion of the property that secures the mortgage - which essentially makes it a single family usage. 

If I want to put in new floors, or bathroom, the HOA will make me jump through a lot of holes before they approve it?

Essentially all they need to come up with is one month's rent, which is typically the upcoming month anyway, and they walk away clean - no lawn care, no utilities, nothing - and we assume the risk if the property takes longer than 1+ month to rent.