My concern is that my time to exit the deal is limited.  

Your city land development office can answer most of these questions many lots in the city limits will not allow mobile homes.

The idea is that you find the business adequately and consistently treat it as a separate entity, and so long as that's true, it provides you limited personal liability.When it comes time to file your taxes, the IRS says "I don't care about any of that legality mumbo jumbo.  

Keep in mind there are some specific limitations to some you  mentioned.

Even better, what if HAI is still low and Fed Funds is still super low (limited ability for Fed to stoke RE market) when unemployment is at its highest..?

I'm limited to cash flow, NIM, GRM and other relatively limited metrics. 

As you and many others have mentioned it seems to be a large risk and I am trying to do everything I can to limit that risk, but at the end of the day a bad HOA is a deal breaker for me.

I structured the question understanding the, "no cash flow-no deal" opinions will definitely prevail but does $150 a month cash flow limitation really cancel the deal in your opinion?  

Okay, but really- in most counties there are limits to how soon you may take over the property.

I would hope not, because that would only be limiting my potential.