If you don't know what the rate would be you need to make some calls and get estimates, then run the numbers in a pro forma to see how much the $1,500 will cover and if you have to pay any out of pocket.By the way - I don't invest based on sentiments.  

Google for MA auction houses, and get on the mailing lists. 

John, because of the rural nature of the Lakes Region, I think you'll find that it's difficult to form a group that is sustainable with sufficient attendance. 

Then get your pro forma very precise during diligence before close.Hope this helps.

You can't form a Series LLC in MN, but you can use an out of state Series in MN.The Series LLC gives you an infinitely expandable company, that you can create without additional filings, and without additional costs. 

In general though: 1) The president and secretary can't hold the same position on a board.2) Depending on the state law that governs your association, most state laws and CC&Rs dictate that a special assessment be ratified by the owners. 3) The owners should vote to remove the board member and then these same owners need to form a board.

Account Closed, the only problem I see is that here at BP, we are ALWAYS told not to trust (Sellers') Pro Forma figures!

Public internet sites are a social gathering of all types, it's not a good place to form a real education when you might be listening to a guy with an insurance background trying to spin some real estate program.

A great way to BRRR is to form a JV with that out of state investor. when someone  has a stake in an investment   instead of being a hired gun,  they will  have the same initiative ad you  to make the investment a success. 

(I don't know, I didn't work it out myself)...Other than the neighborhood concern that has already been addressed, the main reason I would be against your quoted Pro Forma numbers is that at the end of the day, you have only turned your initial equity of $34k into a (hoped for) $41k equity, which is not enough of an increase to be able to continue a "Buy, Rehab, Rent, Refinance, Repeat" strategy.