Does it make sense to go drive around in the neighborhood to see what its like?

In order to be on the safe side I would also recommend you pay to have a lead based paint representative ensure the residence is safe.

Drive the streets. 

I am looking to make an offer on a house but it has a clause in the Covenants that all leases must be approved by Board of Directors of HOA. Is there any legal documents I should have them sign if they approve of my t...

So as long as my rehab budget plus 10% or possibly more for overage would be pretty safe?

While you're at the attorney, I'd ask him some questions about some of the newer rules like the Safe Act, and Dodd-Frank. 

All I can suggest is downloading Google Drive and Google Sheets onto your phone and creating a spreadsheet for each project. 

Whether it be driving to and checking out properties, sifting through deals, or doing some "grunt" work let me know if there is any way we can help each other out.Some value I believe I can bring is in my reach!

The headache of this for another year would drive me nuts personally. 

that is the essence of a reverse exchange but the IRS is getting awfully fond of rev Proc 2000-37 and the safe harbor reverse exchange.