May be some alternatives via corporate structures.

I assume the HOA Has to be some type of legal entity, registered with the state, usually the divisions of corporations, or whatever your secretary state calls it.BTW, is this a wood wall, concrete, etc?  

Giant, bureaucratic corporate behemoth must have SOME human being with actual knowledge and the willingness to disperse it, right? 

Fellow BP members, Im in the market for a local property management company for two rentals in Vegas due to a corporate relocation.

I have also heard of some clubs that will take corporate memberships, so there might be a tax benefit if you set it up right.

I am very interested in investing in real-estate upon graduating as I have learned from several full-time internships that I do not have a passion for working the 9-5 for a large corporation over the next 40 years.

An LLC is still a little more expensive than a Corporation.A an S-Coporation or a single member LLC can be handled on your personal income tax return by adding schedule CA C corporation or a multi member LLC must file a separate tax return and have due dates of March 15th.

In fact, I encourage my clients to form a Traditional LLC shell corporation to conduct all business with the public.

If you are a C Corp, you file the corporate tax and then pay out dividends.

@Chris ConnollyIf you plan to utilize debt financing, you may want to consider investing the IRA in a C-corporation and placing the passive real estate investment through the C-corporation.