It is a niche community where the HOAs have regulations like, each house must have a hanger on their property for a plane.

Most important it must have integrity and not too pricey.

Must it be a caveat in the offer?  

Fees for violating the CC&Rs or any resolution must be "reasonable," and $2k for merely failing to provide a copy of your privately held contract with the renters is NOT "reasonable."

Just don't buy cheaply; stay in the 800+ rent range.Also we will be traveling to LA (Sherman Oaks) to visit family later on this summer. 

And  your qualified intermediary must be in place prior to the closing of the sale.  

Travel expenses to visit a property out of state for inspection and purchase2.

If your town has at least 8 colleges, other landlords must have rented to students, and gotten insurance, and any broker attuned to the locate market must have dealt with those landlords.

Become the destination overnight for wine and brewery hoppers.The HV also has a good amount of farm land, with the federally protected black dirt region, that seems to be the rustic “look” most breweries are going for up here.

They must of recently changed that because I researched that a few months ago and talked to an attorney and that seem to be the loop hole being that we as investors aren't selling anything.