Something is missing...if there isn't a Board and the HOA (or I assume more likely a COA) is newly formed then why isn't the developer still in control of the HOA?

You could conceivably start with a 50-story high-rise development.

It is possible to develop the deal and not build anything at all.

We have some more affordable studio units that I fear will attract the budget concise crowd which could get some guests not able to afford the next 30 days payments and have to be evicted.Would appreciate any advice!

Also, there is a lot of new competing rental supply coming online in these areas and a few of my developer friends mentioned to me they are seeing downward pressure on new build rents.

Steve if you can go without buidling the extra garage below the ADU it will save a lot of money. if you can get two studios it will do much better than one ADU.

Hello everyone,I’m currently in the planning phase for a development project just outside of Santa Fe, NM.

I saw once where a developer gave the buyer a pass on paying HOA fees till a house was built on a lot. 

Quote from @Breland Clark: I would like to know more about developing land and subdivisions for new builds and apartment buildings. talk to the land development arms in your city or state.

This sounds like a development, so you and your team should have years of experience and a track record of success before you take other peoples money.