Most of the board members had been there a long time and were very familiar with the financial status of the Association and of the co-owners who lived there.  

You can pull some cash out to pay off debt assuming you have enough equity to do so.This will free some cash up to overpay on your mortgage note which then helps your LTV as you pay down your balance.This also saves you accrued interest you'd otherwise be responsible for if you simply just satisfied the term and current interest associated w/ your mortgage.

I understand much of the red tape associated with new construction first hand from building my own home, but blame much of it on a very incompetent builder.Thanks!

Personally I would recommend that if you want to learn more about stocks, search around and find an investment club that follows the NAIC (National Association of Investment Clubs) investment guidelines.

Be sure to get connected with local groups like North Texas Association of Real Estate Investors (NTAREI), as they are a great resource.

@Kenny Pyatt If you can change your plans and come to Knoxville next Tuesday Sept 13 you could network with many multifamily investors, brokers and property managers at the Knoxville Real Estate Investors Association - KnoxREIA.com - meeting. 

Would joining a real estate investor's association be a good idea?

When I speak of using alternative building methods, I don't really feel compelled to maintain the current aesthetic level or identity associated with the concept.This is the main reason I want to go with the cookie cutter approach to building these.  

@Anthony Ciulla What you describe (further developing a property with additional units if zoned correctly) is very doable - that's mostly what we've been doing in SD for the past 5 years.Be very careful, though - the costs associated with doing it are far, far greater than most people expect.  

You have to find out the costs associated with evicting a tenant in your area (lawyer fees, court fees, etc.).