Based on my 20+ years of real estate experience, I’d say renting the condo might not be the best option—$2,000/month rent minus $800 in condo fees leaves you with just $1,200 before taxes and maintenance, and seniors' condos can be tricky to rent.

What is your experience? 

It is one of the reasons rent by room is more difficult to manage.I have no experience with rent by room and the associated common space.  

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

On the other hand, I feel one of the main advantages of passive investments (via syndication/crowdfunding) is that I can hire a manager who has years more experience than I can ever hope to obtain myself.

@Amanda Lindsay Which property management software did you end up going with and how is your experience?

open to any advice, recommendations or past experiences.  

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.

My experience has always been better with a local lender.With that said, I am reaching out to David Greene's The One Brokerage about a refinance.

Consider this, as an “experiment”, 24 months ago I invested $300,000 in equal amounts ($30,000 in each) in 10 speculative small REITs.