Department of Housing and Urban Development (HUD) Secretary has brought renewed attention to a long-debated policy move: the potential privatization of Fannie Mae and Freddie Mac.

It is located in some of the newest developments on the north side of Katy, TX 77493 (I am not sure if I can post a link to the Zillow page or provide the address because I don't own it yet).

Would like to develope some multifamily soon.

I find that it's almost a one stop shop in that I can use it for my business checking and savings accounts, bookkeeping, for rent collection, I can issue virtual credit card, I can create all the financial reports I need to run my real estate business and prepare for tax filing and through their partners I can vet my tenants, develop state-specific leases and more.

Back to my primary point--do your diligence and develop your own sense of conviction on the purpose of this venture. 

Joe its all about NPV  and rate of return for investors.. either way your going to take a pretty big hair cut out of your equity to do what your wondering about. 

It is possible to develop the deal and not build anything at all.

They look solid and well built, it's the high crime rates and the developing area thats my worry. 

I have over a decade of experience in strategy consulting and in real estate underwriting for new acquisitions and ground up developments.

Something is missing...if there isn't a Board and the HOA (or I assume more likely a COA) is newly formed then why isn't the developer still in control of the HOA?