When these scenarios come up it is usually best to try and identify a way to leave the meter in place and install your improvements so as not to impact that facility.

Which type of improvement contributes more to the land.

Doing this leg work up front with drastically improved your communication and relationship with the agent.

Not in a position to start investing yet-waiting to be in a position of financial strength, but want to learn as much as possible about RE Investing and my local area while improving my financial position. 

Not to say I wouldn't considering representing, but I don't think theres a large enough clientele out there that values a socially awkward realtor showing up in a multicolored Accord, ripping cabinets down and chasing roaches around with an air nailer.

Bigger the project, the bigger the budget for improvements

Super interesting @Henry point on the Capex and maintenane being high, I came in assumign LV since it is a bit of a lower income neighborhood it makes sense to air on the more conservative side but useful to hear that it does not need to be as high.  

It’s located in a popular Air BNB resort area with a great school district.

I am actively growing and improving my properties along the way.

You need to do your own research by going on AIR and VRBO and comparing similar rentals during different times of the year, and different lengths of stay.....Other than that, sounds good...you say you're already aware of the pitfalls of HOAs, so if the price is really that good, go for it.....