Something is missing...if there isn't a Board and the HOA (or I assume more likely a COA) is newly formed then why isn't the developer still in control of the HOA?

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 4-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

It's determined by the nature of your arrangement, mostly by how much you control the employee's work.

This structure combines efficiency with enhanced privacy and protection for your real estate investments.Ultimately, there are plenty of ways to structure your investment real estate strategy, and the best approach often depends on your specific goals, the nature of the transaction, and your preferences for simplicity versus control

I will be here for 6 months to a year and looking to continue hands on support/experience.I am a construction manager and have a lot of background in contractor management, site scheduling, and quality control.

I would consult an attorney who specializes in this.Also, assuming the property is in California, if it wasn't subject to CA Rent Control, once it goes into the LLC, it might be.

In my opinion a fully passive RE investment is the most risky because you give total control to others. 

I did trade in land though but they were all quick flips so not really investing more like controlling my own inventory.. 

I understand the two main downsides of condos being monthly fees out of your control and little appreciation. 

@Henry Clark When counting units and sizes in step 1, should climate controlled units be excluded if someone was to only target the non climate controlled drive up market?