It's very rare you hear of anyone's hand getting slapped for violating this rule.

While this is likely included in the 15-20% you have for maintenance/vacancy, I would up that number to closer to 20-25%.Overall, you should expect your expenses, vacancy/rent-loss and capital costs to be somewhere in the 45-55% range over the long haul (do some research here on "the 50% rule" for more info).

The rule is "first in time, first in line", so unless the second agrees to subordinate, they become the first and your new mortgage becomes a second.

Yes it's probable but gated communities are exactly where you run into stricter rules.

I agree it's a frustrating rule but as a long term investor it doesn't bother me that much because an OO buyer will be engaged in the neighborhood and stabilize it.

Using the 50% rule, this will not cash flow at the list price.

I'm an identical twin, and had a GREAT time with it growing up.

There's nothing that stipulates if you do something against their 'rules' what exactly their remedy is, and whether or not there's options for any penalties such as the property owner association repairing the problem and billing you etc., and local authorities aren't authorized to do anything without a court order.

This is something else your local building department can tell you, and they may even create new rules for these recently flooded houses.- A/C Compressor.

Not learning the rules and procedures for each counties to be investing in.