It's been years since I looked at any HOA documents, but I would have thought that you would need more than a vote to get rid of an HOA and restrictive covenants. For example, what about the banks who lent money based on the assumption that an HOA would be looking out for the value of the collateral? Don't you need their approval before getting rid of rights and obligations in the HOA docs?

Even if the owners have a right to vote on something like that, I don't want the future of my real estate dictated by a vote of my neighbors.