Subdvision C&Rs and Hoa help

[Riley Dunn]

I'm a guide and outfitter and a new RE investor, not intending to be a developer, I fell into a great foreclosure deal. Now I need to develop C&Rs and an HOA for a small (3 lots, 2 to 3 acres) subdivision on The Gold Medal Gunnison River in western Colorado.

I divided 7 acres so that 2 of the lots have private river front and 1 with green belt access. There is a common controlled access from state highway 65. The green belt will be a deeded easement from one of the parcels rather than a separate parcel held in an LLc by the HOA due to county regulations.

What should go into the covenants & restrictions to be filed with the county and what should be part of the HOA? How do I set it all up and enforce it? Any one have a template? I'm planning on using a lawyer but I would like to be better educated before I meet with him.

More importantly Related Marketing Questions: Where is the balance in C&Rs verses marketing? At what point do C&Rs begin to diminish value? Can I keep it open for the HOA to vote to change the C&Rs? Will it help in closing sales if I get the basics and then negotiate with the first buyer on the C&Rs or is it better to just present it as a done deal? I would like to sell just one parcel and hang on to the others until the market turns.

One last thing, If any of you have a buyer for Gold medal River Front I'm happy to pay a finders fee. Realtors welcome. Prices from $250k for a lot to $550k for new home on 2 acres

Thanks Riley.