In Texas, is it permissable and/or practical to have a private entity
perform the functions of a homeowner association in a single family
housing subfivision?  In other words, instead of residents of a
subdivision paying dues to a homeowner association, could they be
required by deed or covenant to pay a yearly fee to a private
for-profit company (over which the homeowners
would have no control) in perpetuity to maintain the subdivision?

My intent here is to reserve to a developer in perpetuity the powers
and privileges of a homeowner's association (a homeowner's
dictatorship if you will, even after all lots are sold) while
eliminating the petty politics of a vote-based association and turning
these functions into a
profit-producing privately managed venture that would be a positive
cash flow asset to the developer in perpetuity.

How would one go about forming this entity and what types of
roadblocks might one encounter?