@Dilip GandhiSee following IRS link. https://www.irs.gov/Individuals/International-Taxpayers/Taxpayer-Identification-Numbers-TIN

Thanks for the feedback @Teri S.and Nicole Sorensen Hull the CC&R's allow us to record a lien, take them to small claims court, get a judicial foreclosure and give the owner the right to arbitrate.

My internal alarm is going off telling me that there’s something that has to complicate this as it all seems too simplistic.Thanks in advance for any input!

Focus on the people and internal things that make you want to move forward.

Understand your approach, but at the end of the day (assuming we're discussing analysis in support of a BUY vs WALK decision), in my opinion, IRR(Internal Rate of Return) is too academic and the NPV(Net Present Value) has factors one can adjust.We see lots of newbies just learning to calc cash/cash & cap rates and these are sufficient to make the go/no decision, using the K.I.S.S principle.Attempting to add IRR & NPV to the learning curve is not a requirement - - for you, it's another confirmation you're on the right track.

Still makes this a very attractive market for out-of-state or international folks.

For STR's, I'm also looking internationally.

I also fighting an internal battle with myself of owning properties outright or using leverage.

I'm hoping to learn from an  investor, perhaps as an intern, assisting and utilizing the skills I have to assist with the progress/success of their organization. 

Or there may be a need to rebid, or get additional inspections, or issues with government agencies hold it up.Maybe the management company is having problems with bids, internal issues, bad manager, even a bad supervisor (yes, that can affect this).