So, I would not be allowed to turn the property into a quadplex BUT could turn it into a duplex with two ADUs, one attached (the additional unit built downstairs) and one detached (the renovated and converted garage).Does this sound accurate to the community here?

Also, if these numbers are accurate that flip profit looks really temping.

If you are going to purchase materials as a cost saving mechanism, remember the project will perform best if both the owner and GC turn a profit.

Buying in an HOA especially at that price point that will prove to be a good performing asset will be very difficult.I curate a weekly list of the best performing STR properties in the Tampa Bay area - DM me if you would like me to add you to the list.  

It won't be 100% accurate, but it will be close enough.

You take the "free" proceeds from the worst-performing properties or ones in need to the most work and invest them into better properties.

It was not accurate.

I.e. the value-add player that has moved to more core deals, or heavier performance alignments shifting overtime to more fee heavy structures.

For $250 minimums, and only $9mm of GAV, probably not really too much concern.If their platform starts growing exponentially, I would be concerned about their focus to make sure you investments continue performing when they are likely to be very distracted by SEC investigators.  

Once you start thinking about how properties will perform in year 5 or 6, you can start thinking of your initial financing as more of a bridge to secure the asset, which allows you keep growing.