Suggest you focus on very private person or restricted HOA(gated). 

Typical IRS rules are you can get a loan within a few percentage points of prime for the lessor of half the balance or $50K. 

I would also tend to think its a coop - which cant be used for investment, at least only with lots of restrictions.

does anyone know the legal process that an hoa has to go through in south carolina to change building restrictions. 

There are hundreds of markets around the country that can provide exponentially better returns than you will find in California AND without the BS rules and regs. 

My asking price is $100,000 which would put this as a rare 2% rule property.

In my opinion, I would not go into condo around Houston unless you can buy the whole complex since there are so many deed restrictions (very important).

Following this "Rule", you will never need any more money from other sources, since you will continuously be supplying your own...at will.Use your seed money, spend your profits...after, you've reinvested your initial profits to expand the original seed money. 

Other cities have different tax rules and tax rates.

When you decide the asset type, then you set up your buying rules/ criteria.