The HOA bylaws/covenants will generally have basic requirements.....minimum SF, set backs, architectural styles, etc. which serve as deed restrictions. 

You chose to compare the height of the market to today, which is a flawed argument.

That being said, there are over 20 other municipalities in Pinellas County besides St Petersburg, and every city has it's own laws, rules, restrictions, and enforcement appetite/resources.Here is an interesting article that covers many of the issues:http://www.tampabay.com/news/localgovernment/pinel...

Also, some townships have ordinances that restrict the number of occupants that a house can be occupied by who are not related. 

See http://www.biggerpockets.com/blogs/3/blog_posts/39...the CFPB has the final say on owner financing.Creative Financing is useful for not just credit impaired investors; there are restrictions even with good credit on US Govt backed loans such as FHA 203B http://portal.hud.gov/hudportal/HUD?

The buyer should request from the seller a copy of the HOA by laws, financial statements for prior 3 fiscal years, names and contact information for all current board members, and covenant restrictions.

A few months ago, I closed on a condo in the Heights neighborhood (after going through a brutal sellers market), and am currently in the process of closing my first investment property.I would love meet more people in the area as well as get some feedback from anyone with experience investing in the JC/Union City/Newark areas.

I have looked hard at JC Heights in the last 6 months and it's definately been a seller's market.

The more expensive, thicker medium filters actually restrict air flow and strain the air handler.

@James Syed these seem like typical deals for commercial lenders altho 80% ltv seems generous.It all depends on what you need to accomplish from your financing, cash flow or debt pay down.For ex. 225k loan amount 5% 30 amort=1207.45 P & I Same LA 4.5% 20 am=1423.46All things being equal and it cash flows then 20 am best choice especially if lender reviews DCR/LTV and overall performance of loan, because you need to protect yourself from the annual covenants and restrictions  that could cause lender to call loan due.Good job taking action!