Feel free to connect with specific questions. 

I am currently lurking often and reading/learning as much as I can about real estate investing, specifically buy-and-holds.

Best to seek counsel from your attorney and tax professional but if you are going to insist on saving a few dollars, best to provide more specifics on the type of partnership you are contemplating so you can get your hands on something that's remotely relevant. 

Also, there’s specific insurance policies (not simply landlord policies) that cover you for commercial use like STR.

So you can educate yourself to the specific neighborhood and home in the price range you are looking for.

Maybe if you have specific questions I can answer them. 

What I've shared is purposely vague as I don't have specific questions and am more interested in your reactions, thoughts and personal anecdotes so I can better understand and appreciate the timeline.Again, any and all comments would be greatly appreciated.

We aim to have a spread of at least 10% ARV so if we know we can sell in a specific area at 75% ARV - repairs, our MAO would be 65% ARV - repairs. 

Specifically, you'll want to collect and analyze a LOT of comp sales data (including data pertaining to days on market, price reductions, the buyer pool, etc.) so that you have a very good understanding of the buyer pool, and how difficult it could be to sell this type of property...I'd suggest talking with multiple agents who have experience with this type of property, and asking them what type of DOM, ARV, and sale experience they would predict for the property.Before you take on $25k+ of credit card debt for a rehab, you'll want to consider all the potential problems you might face with your strategy, and potential solutions to those problems.

However, in many cases you likely won't be able to obtain by-laws until you are under contract.I would have your attorney include a specific "HOA" rider in the contract for this exact reason- It basically would require that you have ample time to review the governing docs of the HOA, such as master deed, current by-laws, current year’s budget, and last two years of audited financial statements, association meeting minutes, etc.