I mean you can take the same down payment money and buy a good note and get the same or better CASH flow.. but IRR is restricted to interest rate or return if you snagged if for a  discount.

Cons- Monthly HOA, don't own the land, possible rental restrictions in CCRs, special assessments down the road, HOA restrictions on remodeling material. 

As an investor, you should never be restricted to working with only one.E)  I work with a number of partners that flip in CA, and buy hold properties here in MI. 

It would not be hard to imagine rental increase restrictions to be CPI.

There are restrictions for timing the sale and purchase but I knew I would have no problem designating a few new investment properties in 45 days. 

For us we are generally restricted to increases under 2% per year and now have the most pro tenant legislation in North America. 

My credit is stellar and As I Move forward, I don’t want to re-strict or risk the cash that I have on hand availableAny thoughts from you guys will be great

They are not regulated the same as bank nor are they as restrictive in their lending criteria like a bank would be.  

Here’s an excerpt from the Attorney General’s website that further explains that:“The statute does not restrict its protection to a city or county where the emergency or disaster is located.

FIFO, LIFO, etc) are not available for real estate.The technically correct term for it is "real estate held for resale", not "inventory" although pretty much everyone in the industry calls it inventory.Treatment is similar, but method of accounting is more restricted....in a nutshell.