I’ll begin by saying I have no objective data to support my opinion, but I do have some subjective data, so take it for what it’s worth.I think the trouble is pretty widespread, particularly among newer syndicators (defining that by less than 10 years in the business, so never having survived an adverse cycle).  

@Jingwen Dunford It's also common to have the waterfall structure of an operating agreement define any excess cash over the preferred return as return of capital in addition to capital events such as a refi or sale.

From your post, I don't see a well-defined problem.

Sounds like you are in the Poconos and you are trying to flip vacant land, governed by an HOA, without a defined buyer.

As I hinted in my previous reply, I believe it's just because Puerto Rico doesn't have the deep pockets to match Mexico's and the Dominican Republic's colossal investments in infrastructure and marketing.As to the currency aspect, yes, Americans don't have any foreign currency risk when investing in Puerto Rico.

Please define wealth.  

I had always operated in a manner fully compliant with current direction, have clear disclosure, conversations and written defined contracts with buyers detailing exactly what comissions would be and how they'd work out, etc etc. 

California It seems like the market quite competitive.I'd love to hear more about your experiences and any tips you have for navigating these different aspects of real estate investing and development.

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