In regards to the comments about profiting from the HOA's, The HOA's are Not-for-profit entities, If you owned the property management company that won the owners Board voted contract to manage the property, that's an option to make some additional money but you can't make money off of the HOA directly.I would also suggest paying attention to your competition in the area, apartment buildings, What amenities are being offered versus what you'll be able to offer with your unit, what are they charging versus your all in cost to operate your property, etc. lastly pay close attention to the interiors of the condos and apartments in your market since you'll have to offer similar or a better interior depending on the other amenities with your property.

After a year or more you should have enough equity and experience to qualify for a standard bank loan which will enable you to pay your Dad back.$25,000 loan8% interest$183.44 monthly paymentI hope that makes sense.

What does skin color have to do with anything?

so you should qualify for the 250/500 exemption, no?

I'm hoping there's a few people with some money saved up who really want to live in this area but can't quite qualify. 

Many people wouldn't think about the tax implications of this until after the sale...and you're on the right track.Selling land that you developed would qualify you as a "dealer/developer" and the whole gain would be ordinary income and subjected to self employment taxes.

The VA loan is the best deal out there for those that qualify, especially since you can get started with so little down.  

@Roy N. certainly has a point around commercial properties and it's something most investors get to at some point (either the property is commercial or you have your residential properties, wrapped up as a commercial portfolio loan) as you simply can't keep qualifying personally.Another option is going with a lender which is able to qualify the self-employed.

We would really like to buy a house, but don't think he qualifies because of the job change.

well, the bank is going to ask you to qualify again and put down X%.