The point of the contract is to provide value to both buyers and sellers and  this deal saves the buyer over $1M in interest and easily $100k in furnishings while getting the seller their full equity and saving buy side/sale side realtor commissions.

When building my home, I could easily have added $1M to the price tag by just using concrete and steel.  

For appreciating CA properties this could easily be a 7 digit step up in value but i would think in all CA markets would be significant.  

You can't easily determine whom has paid and who hasn't.  

Plus, with how much appreciation is coming to Columbus Ohio, that house will easily 2x or 3x over the next few years from all the population/job/companies developing here.Plus, Anduril just announced another 4k jobs and over 1B+ in development in Columbus Ohio along with all the companies already developing here (Intel, Google, Amazon, FB, Nationwide Childrens, etc)

If I ever run low on reserves, I can easily transfer funds from my personal to rental account.

Regarding the HOA and CC&R's, the builder can make changes to the CC&R's pretty easily while the development is under Declarant Control.

You could very easily find yourself broke and homeless with no way to recover. 

Its a lot of work but anyway you slice it a management company is going to cost you 10% of gross rents which could easily be 100% of your net profits.

Because you are able to work remote, enhances the need for flexibility as I can easily see a time where you want to move someplace else because you can.