Too often, I see my clients make sell/hold decisions without taking into account taxes.

Often times, your tenants will either not pay you (and stay) or simply move to the next property.

-If you have a vacation rental in those areas, how often is it rented, and what is the nightly rate average?

In some instances it will happen, but not very often do the numbers work out for development purposes.

ROFL  It might really bother people who like HOAs but that rule would not keep me from opening a sober living home or possibly even a halfway house in that HOA development.I often roll my eyes at HOA rules.  

Those that chase the highest returns on at risk areas often get surprised by how tough the biz can be.

Commercial purchase agreements typically have a lot of terms to be negotiated and it's often a good idea to start out with coming to an agreement on price and basic terms such as earnest money deposit, due diligence period, cash deal, seller financing, or if there will need to be a financing contingency.

In the event that you hire a broker it is industry standard practice for leasing commissions to be baked into the lease rate and usually amortized over the term of the lease and often times with a standard cost to capital added annually. 

I find cash flow is often more important when investors are starting out and often more constrained on their resources.  

They just don't seem to work out very often.