Overnight the HOA can turn and suddenly you are restricted from everything other than owner occupied status.Regardless of the projected cash flow, I would never buy into a condo with an HOA.

It is not uncommon for a lender to pose restrictions on subordinate financing.  

They might have restrictions about self representation that make you use another Broker in your office on your transactions. 

You are limited by the 0 down restriction...direct mail marketing, which is a mainstay of wholesale real estate, costs money, even if you hand write and hand gather addresses. 

If you expect to deal with those that hold licenses, who are under regulatory restrictions, bonded, insured, hold to standards of ethics, then I'd suggest you learn what why and how they do things. :) 

You don't know who the investor (owner) on the note is yet, and there are differing methods, and restrictions, depending on who the actual investor is. 

In my part of the world if there is no road frontage the property cannot be subdivided or has severe restrictions (family only, etc.).  

So, because everyone is different and we all have our unique skills and time restrictions, I say you should start off very slowly.  

Bounced/Retuned checkParking – and auctioning off preferred stallsParking violationPet Fees and Pet Application Fee in lieu of depositFailure to clean pet wasteTenant application feeLate paymentsCheck cashingCredit card processingTampering with smoke-CO2 detectorNon-compliance after an initial written noticeSmoking in restricted area

I keep hearing having a license restricts you but in general that is BS.