I have a couple of RE agents, partners to pool resources, title companies, a lawyer...etc.

A good partnership agreement will outline these responsibilities in addition to many more, these responsibilities can have value assigned to them, if this is your first partnership deal, keep it simple so these partners will brag about the great deal to other investors increasing your pool of investors.  

It is a second and third story dream, with two balconies overlooking the pool and the front of the complex which is nice, as a smoker you don't have people watching or able to see you from across.

In terms of geography, I would think large, affordable and sunny locations are growing faster than small, expensive or cold locations.

So far, your analysis has focused on the sunny-side of the investment.

Actual performance varies widely among sponsors so digging in to historical actual performance versus projections can provide some insight into how realistic the sponsors are when they form their assumptions.And as you astutely pointed out, as we navigate from sunny weather and into potential storms forming on the horizon, it is only experience that overcomes the forces of nature. 

If not you can probably google tax sale HOA common area San Fran or something like that and find the info.Another case I think I saw had at one time what was a nice pool, clubhouse, and common area. 

I'm originally from the east coast but have lived in beautiful San Diego for about 7 years (77 and sunny today, not bad :)). 

@Daniel Brown you would pool your partners money into an LLC and the HML would lend to that- and your partners money would represent the skin.

Hi Roseann.From a marketing perspective, the lack of a pool may be driving the DOM notably higher.