we do the same thing Jay but we look at this as return on entitlement spend and return on land purchase. we separate the two measurements. for return on entitlement spend its the total value of the land gain proven through either an appraisal pre and post entitlement from an institutional level appraiser by Berkadia or sale price divided by all of the soft costs needed to get the site to the finish line. we look for sites that are at least a 5x and typically focus more on single parcel sites that aren't assemblages and do it by going vertical not horizontal. as many have said there is much more risk in this strategy that you are doing that led to a lot of bankruptcies. also focusing on the luxury in my opinion isn't a scalable strategy. 

What happens if the water service line has to be replaced?

Some operators really need better training and education and drag down the great operators who are doing it right and offer a great service and product.

When a PM does charge a markup, he's usually getting a discount on the service to keep the cost stable.

I'd talk and look at forums at strategies but with your capital you typically need 100-150k in liquidity to do this. 

If you’re serious about buying properties and doing real estate, then I would suggest working with the CPA that understands real estate even if the services cost more than your average H&R Block or some TurboTax program you can buy.

The mortgage servicers, agents, buyers, sellers, etc.

Financial/Investing/Real Estate YouTube channels typically make $6-8 per 1000 views. 

The servicers have to send notices 15 days prior to the transfer, but the new servicer is required by law to honor any payments made to the old servicer for 60 days.

The open floor plan and natural lighting make the space seam bright and airy while the community features like the tennis courts Pool and guard service will make you feel at home.