It may be your noisy neighbor is a Board member, or friend of, or the Board is not interested in enforcing some or all of the rules that they are responsible TO see enforced.

In other cases, they split the water, electric, internet costs and inevitable arguments would arise, in some cases, causing one or all of them to leave.

If your own, I would at least factor in the cost of hiring it out so that you can be prepared to do that if you find yourself miserable doing it yourself.Are the utilities separate or all together?  

It still makes me feel somehow inadequate and leaves me wondering how he can afford that (it's not his parents).

If there is a rehab budget in the loan most HMLS hold back most or all of that rehab budget.  

If there's no insurance, you end up working the numbers and usually see it's cheaper to absorb some or all of that cost rather than turn the unit over and rent it again.Avoiding increased premiums is smart business too.

If the plan is out of date, seriously inadequate, or clearly underfunded, you can anticipate a Special Assessment or dramatic increase in monthly fees at some point in your future.

If however, we look toward rising loan costs and higher cap rates, the potential is real for both a refi bomb that will eat up some or all of your cash flow gains with at the same time, a cap rate expansion that could wipe out any appreciation gains .So that begs the question of what the correct strategy is going forward?

When you structure a deal that has a return of capital is it usually a % of the distributed cash after the pref or all of it?

@Jason Wray I haven’t explored TN or AL.