The main thing to avoid is prohibited transactions with disqualified persons (basically certain family members or business partners can not lend you the funds) Receiving private lending can be difficult in the beginning first you need to find private lenders.

Normally discriminating is prohibited by laws but the 55+ is a standard widespread exemption.Your success to purchase and resell will probably depend upon talking to people in the association who can make an exception and your ability to convince them you are only purchasing the property to improve it then sell it and that no one under 55+ will be living in the property.

I understand the prohibited actions ...Respectfully,Manny3Newbie

Does California Code - Section 10130 and 10131 prohibit you to do an assignment of contract and/or sandwich lease option unless you have a broker license?

If the IRS did come asking questions about this, the 3rd party administrative mistake would be accepted as such, and you should not be at risk of a prohibited transaction.

@Yamundow CamaraIs the pool prohibited by the lease?  

To fix is cost prohibitive. 

Germain Act.TheGarn–St Germain Act is a federal law that allows lenders to enterinto or enforce contracts, including mortgage agreements, thatcontain due-on-sale clauses even if a state’s constitution or laws,including their judicial decisions, prohibit them.

Florida Law does not prohibit large increases in rent and has no rent controls.Now, on a more personal note - from what you are saying you need to go before the first or pay higher rents - since you have taken the steps to join here, I suggest you read and read some more, before you go looking for another place.

Were talking $750, separating the meters is prohibitively expensive out here not sure in your states; ROI on that endeavor is out the window, $7k minimum.