Personally, I wouldn't spend money on an attorney because 1) I think the covenants/restrictions can sensibly be used against STRs and 2) because the HOA potentially has deep pockets if the officers decide to fight because they can pass the cost of the fight to the home owners.I would reach out to the officers to get their sentiments and to plead my case, and I would start building my case with the other homeowners. 

Now, I know someone could say the cost should be "negligible" couple of hundred dollars a month, in comparison to the whole buildout budget, but still I do want to know what are the best practices out there.

Landlords tell themselves it's "guaranteed rent" but that's not true and a lot of the tenants come with "guaranteed entitlement" or "guaranteed turnover costs" that will cost you more than any increased earnings.Some people do very well with Section 8.

On another note, if your rent increase estimates are accurate, you'll bring in about $10,200 more on an annual basis (assuming you achieve the $1200 and $1350 rents) so putting in $50k in renovation just passing my gut check of getting about a 20% yield on renovation costs - not great, but not bad either. 

We also paid them 2,600 for the cost of the flooring, which they have mostly completed. 

Increasing your payments with PMI, closing costs, and higher interest rates means that you’re buying your VA eligibility (your down payment amount) at a huge cost.

Nathan's search method usually works, but I use what Google suggests: '<search item> site:www.biggerpockets.com' (without the single quotes on the Google search bar.) 

The cost of a quiet title action is between $1200-$1500 depending on which attorney you use.

If you have an LLC, ownership percentages are recorded and thus difficult and/or costly to change if an active partner is earning equity through actions.To give some personal experience, Lending and banking can be difficult at best, impossible at worst with a Land Trust.  

Nothing else matters.In general, they are all close enough to the same that you aren't missing a Maserati and using a Prius when the costs are all around the same.