Truthfully horrified that this is an individual who wants to raise capital from others "to scale" after owning section 8 rentals for 2 years.

Depending on how long it takes you to save up the amount, you might want to also allow for inflation on that amount for your continued savings.[2]   Read Rich Dad poor dad.[3]   Think about getting a second job - possibly a temporary job - save a 100% of the money.Just my 2 cents.

@Chinku Chinku the rich get rich by making their money work for them.They borrow at one rate, to invest in something that returns a higher rate - they profit on the difference.Only you can evaluate your risk tolerence though.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Section 8: All the S8 “gurus” promote putting S8 tenants into this Class of cheap properties to “get rich”.

Neither of us make over $150K per year as individuals members. 

A prudent investor doesn't seek quick riches through shortcuts.

Current individual stock portfolio (non-retirement accounts) with holdings that might be volatile in the next few years (big tech & big oil). $51k is about 17% of the portfolio and gains on the stock holdings are already 100-200% (long-term).

Yes, they are actually selling individual units as well

You would need to comp them out (I use AirDNA premium) and underwrite each individually.

(End)Unfortunately, HOAs are often ran by individuals who are not the most knowledgeable on regulations, accounting practices, and more - and property managers do not want to intervene for fear of losing the contract.