They do exist. 

HOAs, assessments, they don't appreciate, it's one more entity that can tell you what you can or cannot do with your property.

How does one do that?

So why do you say it might make it harder for her to qualify?  

A partner and I will be doing our first lending deal.

I'm happy to do a warm introduction if that interests you. 

Do the rent to values simply not add up? 

Flippers do not want to work in markets where it takes forever to sell a property once the renovation is completeAppreciation- you mentioned appreciation for the other low-income markets but did not cover that in options 1 or 2.

You want to buy in the right location and treat this house as a real accommodation-- then you'll do very well.

Also - going north - there are 'themed' str's in Orlando area that do very well.