While the approval process can vary according to scale and scope, the essential drawings often remain the same.I think one of the biggest mistakes investors make is trying to bypass the design process or viewing plans as a mere formality.

The area the OP is referring to is actually one of the worst areas to buy for tax purposes because the majority of the home value is in the land, which can't be depreciated.That's not to say it isn't helpful in making their decision, but if taxes were priority #1 they would be buying in an area where the house vs. land value is more slanted to the home, the opposite of 30A.The most likely thing is that they are very wealthy people buying them as true vacation homes, and the rents merely subsidize the mortgage when they're not using the home themselves.

they don't have to do actually do anything, merely exist.

If the investors are active in the management/decision making then it’s merely a “partnership” and not a security.A fund is a different animal completely.  

Quote from @Robert Shepard: View report*This link comes directly from our calculators, based on information input by the member who posted.I mean that's showing $200k in profit....someone is merely going to bid $100k higher than your maximum allowable offer to get that property.  

It’s about ignoring what's merely popular and instead asking what creates tangible value for your specific market and your ideal end-user.

I'm not recommending this, merely pointing out that it is an option: You could possibly set up a home equity line of credit, and combine that with borrowing from your 401k for a few months.

This chapter does not apply to:(1) the sale, lease, or rental of real estate by an unlicensed owner of real estate who owns any interest in the real estate if the interest being sold, leased, or rented is identical to the owner’s legal interest;(2) an attorney at law acting within the scope of his duties involved in the legal representation of a client/owner;(3) agencies and instrumentalities of the state or federal government and their employees acting within the scope of their official duties;(4) foresters registered under Chapter 27, Title 48, if the sale of any land is merely incidental to the sale of timber on the land; or(5) court-appointed receivers and trustees while acting within the scope of their appointment.

Jimmy Napier, Bill Nickerson, Al Lowery and Robert Allen came across the fact that a buyer could merely purchase a property “subject to” an existing loan and didn’t have to “assume” the loan.  

On the surface, the HOA fee is merely the “recognition” on a monthly basis of the present and FUTURE costs of building being “worn out”, the “repair reserve” that should be included in monthly HOA is not recognized by small SFR property owners as a cost and hence they have an inflated idea of their net - until a major item needs to be replaced.