That is insane. 

My property is in San Jose, CA and would be worth about $1M and the above insurance is at the same level as my homeowners and costs a little more (about 7% more).

I had a similar experience in San Diego with a fourplex that came directly from a builder connection.

Quote from @Alleyne Warner: @Brent Mendenhall u was the clown who walked around the office with a dog and got paid to delete gooogle reviews cus u work for ya brother.

We are currently renting in San Diego, CA. 

Holding LTR in san diego on a new purchase is challenging not to be large negative at high LTV.  

I personally think they are taking you on a ride. 24 hours of labor is insane.

However, I'd recommend discussing this with a knowledgeable mortgage broker to confirm the specfic terms based on your lender's guidelines.I once worked with a client who had a similar idea in San Diego.

My point is between BP, reddit, facebook groups and youtube, you can get a lot more out of it than having to pay for a "community"  It's about the clown I mean guru car. 

While I was living in San Francisco, many of the rental properties were owned by Chinese investors.