Market will dictate your price - your mortgage, feelings, expenses, etc... 

Sellers, in ALL market cycles, dictate how LOW prices may go. 

there are some metro areas that have high demand all year but those also tend to be more transient (move more often) as they are considered more "trendy" and often the renters do not have kids and so school year and school friends and schools do not dictate where they move. 

Entitlements aren't just paperwork; they're your project's foundation ultimately dictating overall property value.  

Appreciation is heavily dictated by revenue and capex.

Many HOAs can dictate flooring, have approval of everything viewable from the entry, must approve any drywall changes (this is a smart way to indicate they need to approve any layout changes.  

Because the Property Class dictates the Class of the tenant pool that the property will attract.The Tenant Class greatly impacts rental income stability and property maintenance/damage by tenants.Both Property Class and Tenant Class will affect what type of contractors, handymen and property management companies you should target and be willing to deal with a property.The Property Class will also impact the maintenance & renovations you do to, “Maintain to the Neighborhood”.Why is that important?

The most common exemption is Reg D rule 506(b) or 506(c).All this is to say, create the LLC and follow the rules of the exemption, which dictate how you can market for investors and what investors you can admit.  

As a note: The HOA dictates that rentals must be long term rentals, no STR.Given the current housing market conditions here in Denver - home prices down, supply increasing it seems unlikely that the market will get better in the next year or two to sell (Seems like the opposite of the stock proverb of sell high, buy low). 

Two of the notes have already matured and I did not receive the balloon payment as the security instrument dictated.