I am not even sure how there is a question here, as the answers are in the deed restrictions and are very specific.  

Despite considerable deliberation, the HOA decided against pursuing legal action due to its high cost.

For me below is a short list, but bear in mind that my specific STR investment model is 'vacation house for free'. 

Legal issues in setting up this type of business at your location?

Feel free to message me with any specific questions. - Chris 

I am not sure if there is a specific market for students in  Jersey City.

The answer is specific performance if you want the building or filing an unjust enrichment claim.

This thread has instilled the fear of gov (like fear of God, but with the government) regarding being audited.I think I understand what activities count towards REPS hours once I own a property.As a followup to Becca's post above, I am looking for clarity on activities specific to a property before I close its purchase. 

It will be helpful to have some specific addresses, but I'm happy to talk to you about the market in general, what types of properties and amenities are best, etc.  

I’m ok with it taking a while and some paperwork though and up to a couple grand in legal fees especially if I get to keep my downpayment and my parcel.