FHA's biggest weakness is having to follow HUD restrictions (no chipped paint, all handrails to code, etc).

If you have participated in this type of development, what are the strengths and weaknesses? 

The Fed isn't going to lower again unless they see more signs of weakness.

So if you have an outside liability claim and you lose, your creditor will be able to get the assets that are in your LLC.The usual way to get outside liability protection for your local LLC that is in a weak state, is to have this local LLC owned by a Wyoming LLC that has a strong charging order protection (even for single member LLC).

Show me a high cap almost anywhere and there will be some issue with it (leases coming due soon, weak tenant, weak location, early termination clauses in primary term, lease guarantee is or 1 location even though 200 unit franchisee, low rental increases, etc.)

Its always paid during the month, and they are good tenants overall.With that said, however, if you're talking 30+ days late on a chronic basis, then yes, you definitely need to do something about that.

My biggest weaknesses are 1, not being familiar with houston yet. 2.

So it is often recommended to open it in that state (with some exception in expensive state like CA where you can use other tools like DST)All states LLC have the same protection for inside liability.However for outside liability some states are very weak and only a few offer the charging order as sole remedy.

This allows you to learn from their strengths and weaknesses through their project.

Personally I prefer No mercy , hurdle the dead trample weak approach .