I spoke with the property manager about this, and she said the board doesn't enforce it, it's unenforceable (apparently the development period has passed so it's no longer a valid rule since it said DURING the development period specifically; she said it was requested by the developer to prevent investors from buying the homes and renting them out initially which would decrease resale value) and they have no intention of enforcing it, in fact, they want to take it out because they'd rather have the houses occupied than empty, which causes other problems.But she also said that they will actually be meeting with several home owners to discuss as some want cap or outright ban.

The lender or bank if its a bank only cares to get paid by whoever is guaranteeing the loan payment and the property will be the collateral no matter what.

No guarantee that people don't fudge the numbers, but since the expenses decrease their tax burden if they are getting creative they would be overstating expenses, not under.  

Best words of advice I can give about any subject...Learn ferociously for a short period of time (always with the intent of applying the knowledge), take a few of the concepts you learn into the real world on a small scale to actually feel it and gain confidence, make a plan with short and long term goals and then attack it.

Most of my IRA rehabs will return my money in a 3 to 4 year period with the house held free and clear.

I would like to purchase 2 single family homes and a small multi-family in about a 2 year period.

Your RMLO partner will calculate the agreed upon amount based on a specific period of time and if you have agreed on a balloon payment or not.

And yes, you are correct, almost all vacant land contracts have a very open feasibility study period that allows you to walk for any reason. 

Period.

In a super hot market, I'd be asking for short option period, with a relatively high option fee.