I serve on the board of my HOA for my STR, mostly out of necessity as the Board was sorely lacking interested volunteers that would get anything done.

Understanding the loan terms and their implications can help you assess the urgency and necessity of contributing to the cash call.

Having a specific dollar amount as a target is a necessity. 

Once recorded it's job has been done.Legally, recordation is not a necessity, however in our 'race to record' State (CA) it is evidence of an intended transfer of rights.Besides having legal and equitable ownership, and being in the recorded chain of title, two things have to occur: 1) delivery, and 2) acceptance. 

@Andrew Davis Thanks for the welcome.As far as my experience, it kind of happened out of necessity.

I will in all likelihood lose a little money this year with some of my out of pocket costs to add necessities to the cabin and other maintenance.I feel like I went in having realistic expectations and was more focused on the 5-10 year outlook than instant cashflow but I still think I will come in about $5k less than what I originally projected.

Haha, it's less patience and more necessity with job move plus baby birth and now having another one on the way.

Your first time out the engineer will be a necessity.   

These things are nice but not necessities.

We have stopped using organic and use only a synthetic underlayment along with {at least} one width of ice & water shield {a necessity here} ... on low pitches we've done the entire roof with a shield.