@Stephen Moskowitz I meant that the cost of renovating becomes higher if you have to factor in the cost to raise the home on top of all of the other renovations.

If I do not try then ill forever sing my shoulda, coulda, woulda's .

I believe there are a few different schools of thought on this.Personally, I think it's wise to at least take a look at how the numbers crunch with management being factored in.

Real estate here is hot due to many factors and I am interested  in the opportunity which exists.  

Just remember it won't last forever and could change.  

Is that factoring in the HOA costs?

Outsourcing one of your key value centers means you'll be beholden to others to finance your business forever and will be subject to the success of failure of THEIR business model.  

There's always the possibility that they can go up a significant amount based on a number of factors that would really compromise cash flow.

This is exactly what I've been saying forever - that lenders LOVE people who are prepared with math!

Oh, and one last thing: if you don't plan to live there forever, and you don't think the market itself makes a good buy-and-hold market, remember to count principle paydown and look at your profit over a long (10-20yr) time period.