.- Your maintenance and repairs will be mostly limited to the interior of the property as the condo management will maintain the building- You won't have to worry about tenants maintaining the grounds around the buildingCons:- Condo fees may change drastically over time and it's largely not in your control- Condo bylaws can be tough to work around.

I'm not an attorney or expert in AP specifically, but do have a working knowledge of it for Civil engineering/survey work and have had two projects where this came up and I was able to 'ride along' and see how it unfolded.First, if you 'know' the property has been taken by AP then there's nothing for you to do with the tax assessor etc.

The lots will be great to develop (either by us or another builder) and that's where the big payback will be on this project. 

The project was managed by one of my property managers for a 10% fee.Leasing and Property ManagementWith renovations complete, the property was ready to be leased.

Loan administration can have a huge impact on how much cash is required to advance projects.

i agree with you on the tough environment there for purchasing / house hacking but I wouldn't give up on that regardless of what else you look into. house hacking = owning real estatewildly successful arbitrage = not owning any real estatecan you look in Frederick MD or Fredericksburg or Ashburn or an exurb? 

I have one floor plan in my project that is set up for this.. out of 90 homes we have built  we only sold 4 of them .  

So really to have a higher chance at success you should have both money to put in the deal to lower your leverage AND money on the sideline to cover those potential cap ex projects. 

I can also see where the CPA firms don't want to do this given for the CPAs...this is likely a one time large catch up project, and then never again. 

Many banks handling tax escrow accounts for mortgages have mistakenly thought there was one tax due twice/year or totally missed one of the taxes.Investors should research the SEV and the Non-Homestead property tax millage rates to project what the property taxes will be after adjustment.