If you agree with this, then you can't make a bad choice as to which market (but you can still make bad choices as to which property, what financial terms, which strategy, etc.) and the best thing to do would be to move where you want to live and learn to invest there as a local.

Unless someone else here is a lawyer that has read those specific CC&Rs, I don't think we have a choice but to agree.

I recently brought a home in Virginia Beach and have been here for 6 months and want to obtain a second property which route would be most beneficial: Looking for a seller fianace/ rent to own type route and then try to get a tenant to get cash flow that way or try to get an REO (which mean getting a second mortgage loan)  and rehab and rent out?

If you are new to buying and selling real estate, having someone who has been there before is beneficial to your success.There is so much you don't know, and if the seller is being represented by an agent and you aren't, your best interests are not being looked after. 

It's so beneficial!!  

If they have stable jobs you can collect/garnish...But it all takes time...So Time or Money...Your choice....

I really want to be sure that I'm getting into a mutually beneficial agreement with someone, but an unsure how to do that with someone I've never met.  

If you only have $10,000 in equity, and it rents at $1,925/month, I'm willing to make a guess that you don't have a choice...your closing costs on the sale are going to eat up that equity and you may have to pay to get out of it.Your mortgage is at a good rate, but that's a tough position to be in.

We have been pushing for more licensing to remove the one time realtor / managers from screwing up our industry and profession of choice.  

This is a lifestyle choice - do you want to continue managing an asset or want something closer to "mailbox money"?