Additionally, another neighbor who owns an adjacent parcel has expressed interest in joining the project, contributing their land to the development as well.I believe this could be a great opportunity for all of us, especially as a unique retirement plan for my family and my neighbors.

Please ask any additional questions.

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

I pull permits for removal of load bearing walls, addition of bathrooms or bedrooms, addition of footage.

Do you have any experience with it?

Managing five rentals can eat up a ton of time in any given week, often at times that are inconvenient to you and your personal interests (family, hobbies, travel, etc.).”That’s been my experience, too.  

Most will be negative because they have had bad experiences with it. 

If so, how was the experience ? 

I manage around 400 rentals with 14 years of experience and have never been sued once.