You have many options.I have done the development side before and unless you are experienced, be careful.   

Please be careful with your posts.

Be careful though.  

Because with an HOA in tow that means your not doing it alone, you have active "partners" who will be taking care of a slew of things so think of it like training wheels. 

There are a couple of things that come to mind, if a payment is missed the lender cares, if the servicer goes out of business or misses a substitution of trustee, the lender cares, if the borrower goes to the lender to try to get removed from the loan (usually to buy another house) the lender cares, if the property gets caught up in a bankruptcy or divorce, the court cares and that means the lender gets involved.

What I've gathered so far, is that it is more than likely a step in their process to change the electric utility back into PM's name (they took care of all bills on our behalf) by the move-out date.

If I donated to aids health foundation and they spent the money on rent control instead of aids research or health care, I would be pissed.  

Now, if you listen carefully you will find that he too found some of the same things that others mentioned...no deals in Austin, prices were too high...but then he adjusted his approach and nailed it!

I would also be careful talking to property managers - they may have no problem telling about "other" buildings, but change of ownership in their own building is a threat to their livelihood.

Ensure they have good review history.