I'd add index funds, reits, equity markets have benefit (and overhead) of greater regulatory oversight/compliance providing some protection/assurance for shareholders.

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.

I've always thought that the annual Fair Housing training we always had to take in banks was stupid and almost insulting to our intelligence, but after seeing your post, I would highly recommend seeking out and taking courses on Fair Housing, ADA, and other relevant real estate-related regulatory courses.

Have you done any detailed research on land availability near Sedona, regulatory issues, builders for the type of property you are contemplating, conservative revenue forecasts based on actual comps, cost of a support network (cleaners, maintenance, etc), cost of utilities?

Almost no body told us about Root barrier, which are simple digging  about 2-3 into the ground, near your foundation to cut invasive  tree roots. 

It is an expansion through regulatory mandates.

Madrid has been doing this a lot better for example (the difference between a left and a more right business-oriented governing body in charge). 

That process created more unnecessary work and several issues for not only the members of the LLC but also for the states’ regulatory agencies.

With the SRT we restock basic supplies between guests - toilet paper, paper towels, shampoo/body wash, laundry detergent.

We have not employed the Divine Alembic to separate your soul from your body and deliver the Culinary Judgment of Ages upon you!