They develop, they build, they finance, they property manage, they will have HAO, cleaning crew etc. etc. etc. so the subsidiary companies make money every step of the way.From investor perspective: The investor pay $15 K to reserve the right to purchase 25 multiplex over the year of next 5 years. 5 each year.

There isn't enough cash flow in these deals to pay the mortgage, monthly expenses and the HELOC that I'm trying to leverage against.

Regarding your other questions:  - If the going value is $260/SF, why would you pay more than that?  

Maybe it is ok if it is for you to live there and enjoy the amenities, but no need for you to pay high dues for a tenant to use the pool.Many condos don't qualify for FHA financing in Dallas. 

I use all the rental cash flow to pay these loans off asap, then repeat.

I would focus on the house hack and not take a pay cut.

Use that loan to pay the back taxes and get things under control.

Then there you go.One thing I am looking to try to do but haven't done yet is buy something with zero down on seller finance, put the rehab on a 0% credit card, then refi the seller off in 12 months and pay back the card. 

What if a tenant fails to pay rent, leaves $2,000 in cleaning and repairs, and it takes another month to rent?

It’s paid off, I would “like” to leave it that way & maximize the cash flow while paying down the heloc between the rental & other income.