The fund would be investing 100,000 for 5 years and getting an estimated return of 18 - 24% annually over the course.

But the problem is that the current HOA has no legal representation currently no board, no valid address etc. now another investor came in and bought about 70% of the units and they plan on trying to get the HOA up and running at the annual meeting in February.

I'm 20 years old 740+ credit score and a base income of 37k annually(over 40k with OT) working at same company for a 13 months now I'm not sure where to begin and what my options are.

I'm 20 years old 740+ credit score and a base income of 37k annually(over 40k with OT) working at same company for a 13 months now I'm not sure where to begin and what my options are.

How much cash flow do you want to have annually?

If you are using a property manager, you will also have to pay them a leasing fee every time a tenant turns over.4) $700 seems low for annual reserves.  

One of them is speaking this weekend at our 1st Annual Central Valley Investors Summit on Saturday , Sep 16th

Also I did use a 5% of annual rent for vacancy purposes but I do self manage so I'm assuming you meant a cost for property management.

For example with parking lot annual snow removal can get expensive in a cold belt state.

One-time Expenses$1000 - Acquisition Costs (minor rehab, legal, & inspection)Annualized Expenses10% Gross Annual Rent - Vacancy Costs (turnover & lost rent)10% Gross Annual Rent - Property Mgmt (standard)$1176 - Repairs & CapEx ($1 per sq foot for tpical property)$1516.46 - Property Taxes (5 year historical average for typical property + 10%)$1000 - Property Insurance (a nice round number: seller reported that he paid $708/mo for one duplex)$27 - Water & Sewer (average across several properties from last month)$0 - Gas, Electric, HOA, Snow Removal (tenant pays or not applicable)$60 - Lawn Care (I made this number up)COMPARATIVE ANALYSIS:This is my analysis of the five properties that are being negotiated right now, listed from best to worst.Property Alpha (two-flat)$1250 - Income, Monthly (actual)$567.37 - Expenses, Monthly (estimated)$42,000 - Price, Signed Contract36% - Cap Rate (Annualized Income / Price)16.6% - ROI, After Tax (annually, assuming 15% income tax)6.0 Yrs - Until this property pays itself offProperty Bravo (two-flat)$1100 - Income, Monthly (actual)$537.37 - Expenses, Monthly (estimated)$42,500 - Price, Signed Contract31% - Cap Rate (Annualized Income / Price)13.1% - ROI, After Tax (annually, assuming 15% income tax)7.6 Yrs - Until this property pays itself offProperty Charlie (duplex)$1075 - Income, Monthly (actual)$532.37 - Expenses, Monthly (estimated)$55,000 - Price, Informal Discussion23% - Cap Rate (Annualized Income / Price)10.7% - ROI, After Tax (annually, assuming 15% income tax)10.3 Yrs - Until this property pays itself offProperty Delta (SFR)$875 - Income, Monthly (actual)$492.37 - Expenses, Monthly (estimated)$48,000 - Price, Informal Discussion22% - Cap Rate (Annualized Income / Price)8.8% - ROI, After Tax (annually, assuming 15% income tax)13.6 Yrs - Until this property pays itself offProperty Echo (SFR)$770 - Income, Monthly (actual)$471.37 - Expenses, Monthly (estimated)$62,500 - Price, Informal Discussion15% - Cap Rate (Annualized Income / Price)4.1% - ROI, After Tax (annually, assuming 15% income tax)24.4 Yrs - Until this property pays itself offNotice how the price keeps going up?