We have a backyard that slopes into a small lake. This has been okay so far, but we are now expecting our first child and would like a space to entertain guests. Also, there have been gators seen in the lake before and we want some type of an enclosure so a small child can't wander down to the water. Our neighborhood prohibits us from putting up certain fences/decks. Any suggestions on where to start? We are lost!

First of all I would see what is actually permitted. I wouldn't go by what the neighbors have as this might be incorrect and a violation of HOA rules. Yes a good argument "well they have this" but that could have been prior to recent decisions of the HOA. This would enter into what you can erect. Without that information I don't think anyone can give you any suggestions. A terrace wall will work for the gators but not for the child.

Probably both the terrace to minimize the slope, but also an aluminum fence... most HOAs permit the use of aluminum fences...(give the look of wrought iron at a fraction of the cost). The fences that they usually don't allow are the wood privacy and chain link fences. The aluminum fences usually upgrade the value of the property... which is why most HOAs do allow them. Check it out.

an HOA will usually have a list of what they permit. go to the office and get that list.

then get bids and have it professionally done, so the HOA can't go hold another 3 am unannounced meeting at a crack house someplace in the next county and determine you are in violation because of sloppy work, and force you to take it down and do it over.

Most places don't mind you putting up a Post-and-Rail fence you then can attach the green wire mesh to it. It gives an open appearance but has the safety value too.

Problem with green wire is I don't seeing in keeping a gator out... he could slip right under.

The green wire mesh is installed with several inches in the ground and stapled to the outside the Post-and-Rail.
By the way most all places do allow chain link fences and not aluminum fences.

Not in the neighborhoods that have HOAs.
I guess it depends on what part of the country you're in.
Best of luck either way you go.