Unless the floodplain study for this area is new this is not something that has just happened recently.

I've studied doing this to do on my own more than anything though, not just JV. 

It takes leg work, studying, time, (and maybe a handful of lessons learned) before you will have the POTENTIAL for success.Cheers,Chris

I started studying for my CA Real Estate Salesperson license as I initially thought that was all I needed.

As to any insight to offer for what it sounds like you'd be interested in doing, I do have one case study that might be of interest to you.

Study the market, get a local group together, and begin small.

If you're not getting to that, then it's more of a LIRP (life insurance retirement plan), which has long term goals.There are a lot of companies that do well with "getting the money in" then screw up the end game with the loan provisions.If you want, I have a case study for using a policy for private lending to other people. 

It obviously is not a homerun.Also, if you do move forward with it, make sure the HOA has the milestone study done. 

Make clear plans, use no-cost tools, study areas, spot deals, and move forward.

Obviously if the difference between a standard LTR and a STR/MidTerm is that different, I would highly consider it, but I'd have to study up on all the extra variables of what an STR entails.