I'm in agreement with many investors that HOAs are very irritating to work with, especially when they can levy assessments on the whole complex YOU have to help pay for.

The CA has was 25% LTV, so not much leverage.I checked your number and this is where it gets really interesting, so basically a $2.5M house in 2010 era, but in 2023 is "only" $3.9-$4.9M :-)In dollar value it's incredible, but in term of gross IRR it is like only 7%-8% IRR. 

But typically with a Po Box, an angry tenant, Irritating Investor or once you start making the big bucks and become Accredited....thats when it gets crazy....all types of charities, organizations, and beggars could be knocking directly on your door.

Too many people taking advantage of it and it's irritating.

I've always thought Facebook was oriented to "joining" groups and people would get irritated if you randomly plopped real estate ads. 

I try to find 25 years and up. 23 year olds I've had weren't very mature and ended up whiny, messy, irritating, and didn't understand how much things they damaged or broke cost.

As for why GPs love IRR. It

If the market completely disintegrated from deflation, inflation, flu, war, drought.... we will be the small players suffering much less than everyone else.Frank

The value of the apartment is in the cash flow and IRR it can give me.  

When I brought it up to the management company (who was aware that he had moved in), they put him on the lease, but I'm irritated that I had to ask.